April was Bitcoin’s best month of the year
Bitcoin’s value risen an impressive 33 percent against the US dollar in April.
This price increase made it the leading cryptocurrency‘s best month in 2018 so far.
Data from CoinMarketCap shows that May starts with Bitcoin’s price at the $9,244.32 mark.
This price is a 33 percent leap from its April 1 start of $6,926.02.
This increase is the most significant rise in Bitcoin’s price for 2018.
It is also one of only two months this year where it rose at all within the period.
In January and March, Bitcoin’s price fell overall.
Its values only rose 1.4% in February, according to the charts.
Of course, Bitcoin did fall by almost a third in each of the negative months.
From the January 1 value of $13,860, it fell to $10,166 on February 1.
Even more drastically, it fell further from $10,309 to just below $7,000 in March.
Despite Bitcoin rallying in the last month, it has yet to reclaim the $10,000 mark, which it last dropped below in mid-March.
However, these numbers conceal the fact that Bitcoin actually rose to past $17,000 in January before plummeting by almost half to its February 1 level.
Bitcoin hit a low below $6,000 before starting its recent recovery.
So, while it may spend time trading sideways, it remains volatile year-to-date.
Onwards and upwards
Importantly, Bitcoin’s transaction volume jumped by 93 percent month-over-month.
At the same time, the number of off-chain transactions through exchanges skyrocketed by a similar 95 percent.
Fees, however, experienced a similar jump, rising 90 percent in April, according to CoinMarketCap.
Likewise, Bitcoin derivatives have had a positive month.
Both the CME and CBOE are reporting a spike in their futures contracts trading volume this month.
CBOE, in particular, saw more than 18,000 contracts traded in a single day on April 25, as previously reported.
CME similarly reports more than 11,000 contracts traded on the same day, which is roughly double its daily average.