The Price of Bitcoin is Up $150 Over the Last Week

As the year comes to a close, the price of bitcoin continues to test the $1,000 mark as it seeks to set a new three-year high.

AccessTimeIconDec 28, 2016 at 4:41 p.m. UTC
Updated Sep 14, 2021 at 1:58 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
CoinDesk - Unknown

coindesk-bpi-chart-73

The price of bitcoin keeps on climbing.

At press time, the price of bitcoin was roughly $950 on the CoinDesk Bitcoin Price Index, a figure that was up $20 from the day's opening price and just $70 shy of a three-year high for the digital currency. (The price hit a high of $1,023.31 on 6th January, 2014).

However, this total was notably $150 above the opening price observed one week ago on 21st December, when tokens running on the bitcoin blockchain traded for an average of $799.23 across global exchanges.

The 20% increase over just a seven-day span has so far drawn a number of plausible theories, including that bitcoin is improving on economic conditions in countries such as India and Venezuela and decisions by the US Federal Reserve.

Data reveals that the increase is the largest price swing observed since late July, when the price of bitcoin declined from highs in the $660s to the mid-$500s following a hack on one of the network's most notable exchanges.

Yet, while notable for 2016, the rapid increase is by no means unique to the digital currency.

In late 2013, for instance, bitcoin rose nearly $500 to more than $1,100 from 23rd November to 30th November, before falling below $700 just days later.

Slinky image via Shutterstock; Price chart via CoinDesk


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.