28 May 2016. Saturday morning brought with it an unexpected twist taking bitcoin price to its pinnacle. Bitcoin price skyrocketed, crossing the $500 mark. As inconceivable as it sounds, it was reported to be as high as high $531.70 on the same day at 06.14 UTC. If we look back at the previous records, bitcoin price hadn’t touched the $500 for almost two years. So clearly, it is an all time high since August, 2014 when the BTC price was last reported to be $532.99. '
Nevertheless, this steep rise in the price comes as a surprize since the bitcoin price was looming around $470 just the day before. On friday, it was closed at $473.47 as per the reports of coindesk. But the following day, it literally smashed the barriers and inclined with a percentage rise of more than 12 percent. The BTC price reached the highest of the day at 06.14 UTC which was $531.70 and it was eventually closed at $525. For all one knows, this drastic incline seemed obvious owing to the recent trends and reports. We also extrapolated about this coming upslope through our blog, Bitcoin Price Surges Towards $500 Mark. However, it appeared uncertain lately when the bitcoin price fluctuations suddenly went sluggish earlier this month. But it turned out to be amazing, proving everyone wrong.