Bitcoin Hits Four-Month High in Push Past $460

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The price of bitcoin reached an inter-day high of $464.24 today to hit its highest total in five months.

The news comes as the digital currency built on the previous week’s gains, when it broke past the $450 mark on renewed optimism that a solution to the network’s perceived scaling issues may be forthcoming.

So far today, the bitcoin price has mostly moved within a tight range between $458 and $461. The digital currency reached a low of $455.99, but had recovered to $463.86 at the time of report.

Bitcoin’s inter-day price last exceeded $465 on 19th December, CoinDesk USD Bitcoin Price Index figures reveal. At the time, bitcoin had been gaining new momentum as it hit annual highs for 2015.

The latest move comes as the bitcoin price continues to break what market observers have said are psychologically important price points of both $440 and $450.

The increase comes in the wake of the release of the code for Segregated Witness (SegWit) and before the anticipated halving of rewards for bitcoin miners, an event expected to take place sometime in July.

The digital currency’s recent gains provide a contrast to the month ending 25th April at 17:00 UTC, as the currency fluctuated between $410 and $430 for most of this period. Bitcoin lingered within this range as its development and investor community debated issues related to scalability and transaction network costs.

Charles L. Bovaird II is a financial writer and consultant with strong knowledge of securities markets and investing concepts.

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