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Bitcoin Price Passes $1,400 to Hit Highest Value in History
The price of bitcoin rose above $1,400 today, setting a new all-time high.
Updated Sep 14, 2021, 1:57 p.m. Published May 1, 2017, 4:10 p.m.
The price of bitcoin rose above $1,400 today, setting a new all-time high.
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At press time, the cryptocurrency's price had climbed to as much as $1,407.05, a 4.4% increase for the day, according to the CoinDesk Bitcoin Price Index (BPI).
This latest price increase builds upon the gains that the cryptocurrency has experienced over the last several sessions – during which markets have repeatedly risen to new highs – and that have effectively rekindled bitcoin's early 2017 momentum. It also comes as prices in ether markets (the cryptocurrency of the ethereum network) rose to new all-time highs as well this morning.
After spiking to new highs in January, the cryptocurrency's price languished for several weeks in March after the SEC rejected the bitcoin exchange-traded fund proposed by investors Cameron and Tyler Winklevoss. While bitcoin prices hit $1,325.81 in the hours before the ruling, they went on to fall below $900 later that month, according to the BPI.
After bottoming out at $891.51 on 25th March, the cryptocurrency's price resumed its upward climb, rising to fresh highs of $1,335.56 on 27th April, $1,343.59 on 28th April and $1,348.65 on 30th April.
Bitcoin prices are currently averaging $1,402.03, according to data from the BPI.
Pole vault image via Shutterstock
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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