$6,300: Bitcoin Price Hits Record High

Pete Rizzo
Oct 29, 2017 at 22:26 UTC
NEWS

The price of bitcoin has set a new all-time high.

Just over a week after pushing past the $6,000-mark for the first time, the world's first cryptocurrency rose to a high of $6,306.58 on the CoinDesk Bitcoin Price Index at 20:30 UTC today. The previous all-time high of $6,183 was set on October 21st and held for just eight days.

In setting the new high, the price of bitcoin is now up more than 500 percent on the year, having climbed from just below $1,000 on January 1st to the new high.

However, at press time, it remains unclear just how much appetite there is to extend bitcoin prices above this mark at the moment. Hours after the milestone, prices are down somewhat, trading at an average of $6,166 across a selection of global exchanges.

Still, analysts have remarked that the increase comes at a time when bitcoin has never been more visible in the public eye, with business leaders and investment luminaries now discussing bitcoin on an almost daily basis.

Among those who have recently weighed in on its value include billionaire investor Warren BuffettSaudi Prince Al-Waleed bin Talal and PayPal co-founder Peter Thiel.

Data from Google Trends indicates searches for "bitcoin" and "bitcoin price" are also nearing all-time highs, suggesting this exposure is perhaps translating into new awareness and investment in the protocol, now valued at more than $100 billion, according to data from CoinMarketCap.

"We're seeing confidence in bitcoin growing steadily," cryptocurrency derivatives exchange trader Joseph Lee told CoinDesk. "It's great for adoption."

Plane wing image via Shutterstock

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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