Bitcoin Price Index Bounces Back Into The Market
The month of April has been proved as the best month of 2018 for the largest cryptocurrency wherein the value of Bitcoin’s soared up to 33% against the U.S Dollars ($).
According to data obtained from CoinDeska’s Bitcoin Price Index (BPI), its shows that bitcoin price at May ($9,244.32) has taken a leap of 33% as compared to the value of bitcoin on 1st April ($6, 926.02). This is noted as one of the best bitcoin’s price mark within a short period of one month.
According to BPI, Bitcoin’s value crashed low in the month of January and March, and then, later on, saw a rise of 1.4% in the month of February.
The value of bitcoins crashed by nearly a third in every negative month dropping right from 1st January ($13,860) to ($10,166) 1st February and crashed even more in the month of March from $10,166 to $7000.
According to BPI, Bitcoins have actually risen up to $17000 in the month of January before crashing down to nearly its half value in the month of February. Correspondingly bitcoins have also hit as low as $6000 before making a recovery.
According to the data provided by CoinDesk, Bitcoin’s transactions volume has remarkably ascended by 93 percent every month and the number of off chain transactions through exchanges has advanced by 95 percent and the fees have also seen a similar rise of about 90% in the month of April.
This month has also provided positive outcome for the Bitcoin’s derivatives where the CBOE has seen a rise of more than 18000 contracts traded in a single day (25th April) and CME has been able to trade 11000 contracts on that single day (25th April) which is equal to the double of their everyday average.