Bitcoin's Price Edges Back Above $1,800 After Near $100 Gain

The price of bitcoin is once again above $1,800 following a recent uptick that comes amid increasing exchange competition.

AccessTimeIconMay 17, 2017 at 3:33 p.m. UTC
Updated Sep 11, 2021 at 1:20 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
coindesk-bpi-chart-120

The price of bitcoin is up nearly $100 on the day, rising more than 5% to reach a high of $1,814 on the CoinDesk Bitcoin Price Index (BPI).

At press time, the average bitcoin price across major exchanges was $1,808, up from an opening average of $1,718.20. The increase follows a correction earlier this week in which bitcoin fell to $1,650, and comes at a time at which the market for blockchain protocols is becoming more competitive.

In particular, protocols like Ripple Consensus Ledger, developed by San Francisco startup Ripple for cross-border transactions, and ethereum, a blockchain for smart contracts, have begun to develop unique value propositions that appear to be winning investment dollars.

Ripple's XRP token, for instance, is up nearly 6,000% on the year, while ethereum's ether token was up nearly 1,000%.

The development has not gone unnoticed by exchange and brokerage operators.

In response to questions about how new customers are behaving, Bram Ceelen, co-founder of cryptocurrency brokerage Anycoin Direct, reported they are "pretty much buying everything", a statement that's consistent with the current speculative appetite.

"Altcoin volume might have even increased more than bitcoin volume [of late]," he said.

Andrea Medri, founder of cryptocurrency exchange The Rock Trading, however, voiced his optimism that bitcoin would continue to establish its own value proposition, even in such an environment.

"[Bitcoin] always retraces itself," said, adding:

"I'm coming from the times when it dropped from 10$ to 1$."

Rock climbing 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.