Bitcoin price goes beyond $400. The refusal of bitcoin key players to adopt hard forks, as well as the end of the Lunar New Year celebrations, contributed to the growth of the cryptocurrency rate.

Bitcoin growth started on 11 February. The mark of $400 was overpassed on Sunday, 14 February. By 6:00 PM EST bitcoin, according to the CoinDesk index, was traded at about $404.

Last time bitcoin cost above $400 three weeks ago, on 24 January. Yet, the maximum of the current year has not been surpassed: bitcoin recorded its highest rate in 2016 on 7 January when one cryptocurrency unit cost more than $458.

Later in January, bitcoin experienced significant depreciation. Immediately after Mike Hearn, one of the Bitcoin Core developer, published his renunciation letter, the value of digital currency dropped to $355.

Given that previous statements concerning block size had a significant influence on the bitcoin price, it is possible to assume that the current rise also connected to the ongoing block size discussions.

On 10 February, participants of the Bitcoin Roundtable published a public letter signed by the heads of BTCC, BitFury, Bit-X, Genesis Mining and others. The document confirmed the need to increase the block size, but urged “to act rationally and hold off on making any decision to run a contentious hard-fork (Classic/XT or any other).” From 11 February on bitcoin rate has been increasing by about 2% daily.

Also, the value of the digital currency, according to discussions on the Reddit forum, could be boosted by the end of the Lunar New Year celebrations in Asia and resumption of active trading on Chinese markets.

Elena Platonova