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

Bitcoin prices continue to surge after passing the $800 mark earlier this week.

Dec 22, 2016 at 5:02 p.m. UTC
Updated Sep 11, 2021 at 12:49 p.m. UTC

pricegraph3

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

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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