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Bitcoin Prices Shoot Past $870, Setting New High for 2016

| Published on December 22, 2016 at 17:02 BST
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Bitcoin prices have surged nearly 10% since crossing the $800 level.

The digital currency's price rose to as much as $874.10 at 10:00 UTC on 22nd December, which represented a 9.3% gain from $800 and a 12.4% increase from the same time one week before, according to the CoinDesk USD Bitcoin Price Index (BPI). Prices have climbed more than 100% since the start of the year.

The move follows a week of steadily rising prices, surpassing $800 on 21st December. Some industry analysts had forecasted that the digital currency would finish 2016 either under $800 or close to that price.

At press time, the average price of bitcoin across markets is $861.78, BPI data reveals.

This week's price action comes after a year of headline-making developments that drove markets. Major moments in 2016 included the UK vote to leave the European Union and the hack of bitcoin exchange Bitfinex.

Image via CoinDesk BPI

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