Bitcoin surged more than 20% in the past month

Bitcoin prices fluctuated at low levels in the Asian session on Monday (October 19), maintaining their weak performance after falling overnight. However, Bitcoin prices have soared by more than 20% in the past month.

     The quotes released by BITSTAMP show that Bitcoin/ US dollar (XBT/USD) fell from 270 to around 260 yesterday, and fluctuated at a low level in the 260-264 area in the Asian session this trading day.

(Bitcoin/US dollar time-sharing chart Source: Bloomberg, FX168 Financial Network)

     The quotes released by KRAKEN show that Bitcoin/ Euro (XBT/EUR) fell from around 238 to around 228 yesterday, but unlike the US dollar denominated exchange rate, it rebounded to around 234 after fluctuating at a low level in the Asian session this trading day.

(Bitcoin/Euro time-sharing chart Source: Bloomberg, FX168 Financial Network)

     The quotes released by Huobi.com showed that Bitcoin/ CNY fell from around 1815 to 1706 yesterday, and rebounded moderately to around 1745 in the Asian session of this trading day.

(Bitcoin/RMB 30-minute chart Source: Huobi.com)

     Looking back at the recent market, investors will find that the price of Bitcoin has risen by more than 20% in the past month. Since mid-September, the price of Bitcoin has been rising steadily.

     At that time, Bitcoin successfully bottomed out near $200. Since then, the price has soared to $272, up more than 35% from the low point in August and 20% from the price in mid-September.

     Leaprate.com published an article stating that during this period, no new important information about Bitcoin was released to change the market environment. However, commodity prices did perform well at the beginning of the fourth quarter. WTI crude oil prices returned to $47-48 per barrel after falling by around $30 per barrel at the end of August. Gold prices also returned to $1,200 per ounce from below $1,100 per ounce in August.

At 12:52 Beijing time on October 19, Bitcoin/USD was 255.20, Bitcoin/Euro was 223.99, and Bitcoin/ RMB was 1662.06.