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
CoinDesk - Unknown

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


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 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.