Bitcoin prices have more than doubled over the last year, enjoying a period of reasonable growth as the digital currency continues to establish its legitimacy.

Global bitcoin prices reached an inter-day high of $470.16 on 26th April, more than 100% above the inter-day high of $219.93 reached on the same day in 2015.

The digital currency has been experiencing a steady, upward climb over the last week, breaking through key price levels of $440, $450 and $460 as markets respond to the latest progress made toward addressing the blockchain block capacity dilemma.

The currency surpassed $440 on 20th April, the day after developers released Segregated Witness, code for a protocol update that would allow blocks on the bitcoin blockchain to hold a greater number of transactions.

Bitcoin has continued to benefit from this momentum, climbing past $450 on 21st April and $460 on 24th April. This ascent continued until the currency rose reached the aforementioned price of $470.16 at 18:00 UTC on 26th April.

The growth bitcoin prices enjoyed over the last week provides a contrast to the holding pattern they experienced in the several weeks beforehand. For roughly a month before the recent rally, bitcoin prices were locked in a range between $410 and $440.

The upward movement experienced through the week ending 26th April also provides a contrast to the sharp gains bitcoin experienced in late 2013, when its price skyrocketed from roughly $200 to more than $1,000.

Charles L. Bovaird II is a financial writer and consultant with strong knowledge of securities markets and investing concepts.

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