The cryptocurrency exchange rate has jumped $40 up and surpassed $751.

Last time bitcoin traded close to this level in mid-June 2016 with the exchange rate at $764. Previously, bitcoin had reached such a rate only in January and February 2014, after which the cryptocurrency crashed down and could not return to this level for the next two years.

The current price increase began on 16 November: in one hour, bitcoin gained 4% or $30.

The up-trend is probably caused by the situation in China, where investors anticipate a further weakening of the national currency. Bitcoin enthusiasts and investors prefer to transfer part of their assets into the cryptocurrency.

A bulk of overall bitcoin trading volume traditionally belongs to Chinese market. According to Bitcoinity, the share of Chinese cryptocurrency exchanges Huobi, OKCoin and BTCChina over the last 24 hours equalled 98.81%, that is 11.86 mln BTC.

Furthermore, a boost to the bitcoin exchange rate was given by the information that main mining pools have accepted the Segregated Witness, a network scaling method.

As of 10:00 UTC, according to Bitnodes, the latest version of Bitcoin Core 0.13.1, which includes the activation of the SegWit code, was supported by 1510 nodes, or 28.75%. The version 0.12.1 received support from 1133 nodes or 21.3%. And the version 0.13.0 had the support of only 837 nodes or 15.78% of the total number.

In order to activate SegWit throughout the network, it is necessary to gain the support of 95% of all nodes.

Another factor that played in favour of the bitcoin price growth, according to CoinDesk, could be the placement of a single 500,000 BTC order at an exchange, as the media was told by a representative of the bitcoin trading community Whale Club.

Elena Platonova

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