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$3,500: Bitcoin Price Sets Another New All-Time High
The price of bitcoin continues to climb to new highs, reaching an average of over $3,500 across global exchanges today.
By Pete Rizzo
Updated Sep 14, 2021, 1:57 p.m. Published Aug 8, 2017, 11:31 a.m.
The price of bitcoin continues to climb to new highs, reaching an average of $3,525 across global exchanges today, according to the CoinDesk Bitcoin Price Index.
All told, the price of bitcoin has now climbed 250% since the start of the year, rising from just under $1,000 on January first to its all-time high today.
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Year-over-year, the price gains are even more impressive, with bitcoin increasing nearly 600%. The price of bitcoin on August 8, 2016, was roughly $595, according to BPI data.
Whether bitcoin will push higher, however, remains to be seen, as the price did encounter some resistance, later declining to $3,458. The day's opening price was $3,431.
The price surge also coincides with a new all-time high in the wider cryptocurrency markets, as the value of all publicly traded cryptographic assets rose above $120 billion for the first time, up from $116 billion yesterday.
Overall, it appears bitcoin was responsible for much of the upward movement. Data from CoinMarketCap shows the market cap of bitcoin hit $56.8 billion today, up from around $53 billion yesterday.
Other cryptocurrencies have been performing well alongside bitcoin, however, with just two of the top-10 cryptocurrencies (Ripple and Neo) showing 24-hour declines at press time.
Horse jumping image via Shutterstock
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Bitcoin gets 'base case' price target of $143,000 at Citigroup
The Wall Street bank said its bitcoin forecast relies on further crypto ETF inflows and a continued rally in traditional equity markets.
What to know:
- Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
- Analysts highlight $70,000 as key support, with the potential for a sharp rise due to revived ETF demand and positive market forecasts.
- The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.
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