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Bitcoin Nears $7,900 to Hit New All-Time High
The price of bitcoin is spiking, climbing above $7,700 for first time since Nov. 8.
By Stan Higgins
Updated Sep 14, 2021, 1:55 p.m. Published Nov 16, 2017, 6:40 p.m.
UPDATE (16th November 4:48 EST): The price of bitcoin has hit a new all-time high of $7,892.42.
STORY CONTINUES BELOW
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The price of bitcoin is spiking, climbing above $7,700 for the first time since Nov. 8.
At press time, the price of bitcoin is at an average of $7,741.44, representing a gain of more than 6% since the day's open of $7,279. That figure also signifies a gain of over $450, according to the CoinDesk Bitcoin Price Index (BPI).
As of the time of writing, the price hit a high of $7,769.84 today – a figure that brings it close to bitcoin's all-time high of $7,879.06.
The moves – notably seen in the past two hours of trading – continue an advance that saw the price of bitcoin exceed $7,500 earlier today. By contrast, just days ago, the price of bitcoin fell beneath $6,000, hitting a three-week low below $5,600 at the time.
Though the $8,000 milestone may be in sight – a possibility floated by analysts at Goldman Sachs – additional market data reveals a notable achievement. According to CoinMarketCap.com, cryptocurrency markets have seen in excess of $10 billion in trading volume in the past 24 hours.
Hot air balloon image via Shutterstock
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Global markets mirrored this trend, with Asian equities and U.S. equity futures softening, while the dollar hovered near two-month lows.
What to know:
- The crypto market weakened as investors pulled back ahead of key U.S. economic data, with Bitcoin falling toward $85,800.
- Global markets mirrored this trend, with Asian equities and U.S. equity futures softening, while the dollar hovered near two-month lows.
- Despite price weakness, institutional flows into crypto ETFs remain strong, indicating longer-term positioning by investors.
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