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Bitcoin Nears $7,900 to Hit New All-Time High

The price of bitcoin is spiking, climbing above $7,700 for first time since Nov. 8.

Nov 16, 2017 at 6:40 p.m. UTC
Updated Sep 14, 2021 at 1:55 p.m. UTC

UPDATE (16th November 4:48 EST): The price of bitcoin has hit a new all-time high of $7,892.42.


The price of bitcoin is spiking, climbing above $7,700 for the first time since Nov. 8.

At press time, the price of bitcoin is at an average of $7,741.44, representing a gain of more than 6% since the day's open of $7,279. That figure also signifies a gain of over $450, according to the CoinDesk Bitcoin Price Index (BPI).

As of the time of writing, the price hit a high of $7,769.84 today – a figure that brings it close to bitcoin's all-time high of $7,879.06.

The moves – notably seen in the past two hours of trading – continue an advance that saw the price of bitcoin exceed $7,500 earlier today. By contrast, just days ago, the price of bitcoin fell beneath $6,000, hitting a three-week low below $5,600 at the time.

Though the $8,000 milestone may be in sight – a possibility floated by analysts at Goldman Sachs – additional market data reveals a notable achievement. According to CoinMarketCap.com, cryptocurrency markets have seen in excess of $10 billion in trading volume in the past 24 hours.

Hot air balloon image via Shutterstock

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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