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 the rally, fueled by trading activity, 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.
Further, it’s worth noting that volumes appear to be coming from a variety of markets – a deeper look at the volume activity indicates the jump to record high has been fuelled by U.S. dollar, Korean won and Japanese yen trading.