UPDATE (16th November 4:48 EST): The price of bitcoin has hit a new all-time high of $7,892.42.


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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This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.