Making Noise: Bitcoin Price Looks Higher as Global Volumes Grow

Bitcoin’s rally is showing no signs of abating.

Prices surged to record levels on the CoinDesk Bitcoin Price Index (BPI) yesterday, with the world’s largest cryptocurrency clocking a new all-time high of $6,306.58. With the push, bitcoin passed its previous high of $6,183 set on Oct. 21. At press time, the bitcoin-U.S. dollar (BTC/USD) exchange rate is $6,218.

As for why the price is trending higher, it seems there was an absence of strong news drivers. However, trading volumes in the BTC/USD pair jumped 103 percent on Sunday – indicating that a rally fueled by activity and that looks sustainable.

Volumes jumped to two-week highs on Sunday, and remain well below the Oct 13. high and the 2017 peak registered on Sept. 15.

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