CoinDesk reported today that Bitcoin prices broke through $500 on 28th May, building on the previous day’s momentum to reach a level not seen since August of 2014.
The sharp increase notably helped extend the digital currency’s recent rally, which has provided a stark contrast to the relative stability bitcoin experienced in the last several weeks and for much of the first half of 2016.
Overall, Saturday’s move represented a 5.8% increase from its opening value of $473.47, a sharp rise that added to a 4.3% gain that took place on 27th May.
The digital currency first broke through the $500 level between 06:00 and 06:14 UTC on the 28th, eventually reaching a high of $531.70 for the day. At press time, the price had sagged somewhat, though prices remain $50 higher than just two days before.
During the run, prices hit their highest level since 21st August of 2014, when the price of bitcoin reached a high of $532.99 on the CoinDesk USD Bitcoin Price Index.