Bitcoin’s Price has marked a serious increase of over 8 percent throughout the weekend. The cryptocurrency gained over $300, following a record-breaking surge of USD volume traded on OTC platform LocalBitcoins.
Bitcoin Price Up 8%
The market’s largest cryptocurrency by means of capitalization is currently trading at $3,931, charging at the $4,000 resistance level. BTC/USD rallied throughout the entire Asian session and carried out its momentum following the opening of the European market. BTC/USD also managed to blast through a strong resistance trendline.
It’s not just Bitcoin, though. Ethereum (ETH) is trading at $147.12 at the time of this writing, marking an increase of around 15 percent on the day. More importantly, it has managed to surpass Ripple (XRP) and is currently the second largest cryptocurrency by means of market cap once again.
USD Volumes on LocalBitcoins at an All-Time High
An unprecedented spike in the volume of USD traded on LocalBitcoins took place the week which ended on February 16th.
Over the past week, traders exchanged a total of $31.5 million on the platform which absolutely smashes the volumes of the previous week by more than four times in total.
LocalBitcoins is a peer-to-peer bitcoin trading platform which enables its users to engage in in-person bitcoin trades for fiat currencies or the other way around. It’s particularly popular in countries where fiat currencies are unstable or torn by inflation such as Venezuela, for example.
What do you think of the sudden increase in Bitcoin’s price? Do you think it will continue to grow? Share your thoughts down below!