A bitcoin price rally is underway that over the last week has pushed the value of bitcoin up by around 25 percent.
Trading near the $580 mark, according to the PYMNTS bitcoin price index, bitcoin is still down around 50 percent from its peak over $1,000 in late-2013 highs, but the uptick could once again bolster consumer interest and confidence in the globally known but little understood cyrptocurrency.
Bitcoin transaction trading volume isn’t up, according to Coinbase. Bitcoin transactions have settled into a consistent range of between 50,000 and 75,000 per day.
While transaction volume is not moving, however, total traded bitcoin is up sharply on major exchanges, meaning the same number of exchanges are occurring but their individual value is higher.
The debate over bitcoin future, an what metric is most meaningful – the value of bitcoin transactions or the total volume of bitcoin traded – will rage on. Also continuing to spark debate is whether bitcoin should even really be considered by a currency. David Evans thinks not, noting that even institutions that say they take them, don’t really. The subject has touched off a lot of debate, especially from Overstock.com’s bitcoin enthusiast CEO. Want to read the whole debate?
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