Less than 24 hours after topping the $12,000 level, the Bitcoin price (BTC/USD) surged past $14,000 and has now set its sight on the next big milestone.
The historic break above $14,000 happened during yesterday’s session, which Bitcoin opened at $11,923.40. The original cryptocurrency notched up an intraday high of $14,369.10. The cryptocurrency has continued its march higher in today’s trading and is already closing in on the $15,000. According to Coinmarket’s price average, Bitcoin has already crossed that level, while Coindesk’s index has the cryptocurrency trading at around $14,650. Prices reached as high as $14,965 on Coinbase’s GDAX platform.
Bitcoin’s most recent rally has been supported by a massive surge in demand, with trading volumes soaring to over $12 billion on Wednesday. The current 24-trading volume of $13.6 billion indicates that the market activity remains strong in today’s session, as well.
The Bitcoin price rally accelerated after a major announcement suggesting that the Lightning Network is moving closer to public launch. As reported by Coindesk, ACINQ, Blockstream and Lightning Labs, the startups behind the three most active Lightning Network implementations, yesterday revealed test results, including two live transactions, proving their software is now interoperable.
“We’ve been able to make successful payments on the mainnet that goes all around the world, and which involves different compatible implementations,” ACINQ’s founder Pierre-Marie Padiou said, as quoted by Coindesk. “That’s kind of a big deal.”
It was also revealed that the Lightning specifications, which describe the rules of the network, had entered version 1. This will provide other developers with clear guidelines to follow when building their own implementations of the network.
As of 10:15GMT, Bitcoin was trading at $14,985 on GDAX. The coin has gained more than 175 in the past 24 hours.