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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

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

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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