Bitcoin Price Tops $1,700 to Set New All-Time High

The price of bitcoin continued its streak of gains today, setting a new record high that found its value rising 70% on the year.

AccessTimeIconMay 9, 2017 at 11:15 a.m. UTC
Updated Sep 14, 2021 at 1:57 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
00

The price of bitcoin continued its recent tear today, rising $60 on the day to cross the $1,700 mark for the first time in its history.

At $1,700, bitcoin prices are up 70% already on the year and around $200 on the week, having climbed from $997 in January to set a string of new highs. Minutes before press time, bitcoin's new all-time high on the CoinDesk Bitcoin Price Index was $1,710.96.

As reported by CoinDesk, the uptick comes at a time when broader interest in the crypto markets appears to be increasing and winning new investors. While bitcoin is up 70%, alternative cryptocurrencies are up 600% since March.

The recent price rise, however, puts bitcoin at a level that analysts have suggested could prove a key resistance.

CoinDesk contributor Willy Woo, for instance, projected late last week that bitcoin was likely to hit so-called 'channel resistance' at $1,717. Should it break this level, Woo projected a bubble could form in the market, whereby the price had increased meaningfully beyond annual average user growth.

The development could place the wider cryptocurrency markets on uncertain ground, as analysts are already expressing concerns crypto assets have entered bubble territory.

Still, others pushed back that this applies to bitcoin, an asset seen as having more long-term utility and value.

Andrea Medri, founder and CFO of bitcoin exchange The Rock Trading, said:

"I'm not worried about bitcoin ... most likely we will see a correction, but the long-term trend has been and will be always up."

Skateboarding image via Shutterstock

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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, 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.


Read more about