Bitcoin Breakout: Price Spikes $500 in One Hour to Top $11.5k

The price of bitcoin is once again in uncharted territory with weekend traders pushing the digital asset to new highs in Sunday's session.

AccessTimeIconDec 3, 2017 at 2:15 p.m. UTC
Updated Sep 14, 2021 at 1:55 p.m. UTC

After a day of largely sideways trading, the price of bitcoin is once again back in uncharted territory.

Beginning at 11:00 UTC, bitcoin saw a sudden surge, data from the CoinDesk Bitcoin Price Index (BPI) reveals, rising from $11,115 to set a new high of $11,655 by the end of the hour. The nearly 5 percent gain saw bitcoin erase its previous all-time high of roughly $11,300.

All-in-all bitcoin is up nearly 7 percent on the day, rising more than $700 from an average opening of $10,895 across global exchanges.

With the push, the total value of all cryptographic assets once again neared $350 billion, according to data provider Coinmarketcap. And while the market is yet to cross the total, a quick look at the charts reveals gains across available assets.

At press time, each of the top 10 coins by market capitalization were in the green, with two protocols that previously forked from bitcoin posting double-digit gains as well.

For example, bitcoin cash was once again closing in on its all-time highs at $1,621 (the price was more than 12 percent on the day), while bitcoin gold was up nearly 13 percent and trading at $340.

Still, it's not clear whether markets believe bitcoin can push much higher (in the short term) given the more than 1,000 percent gains seen in 2017. Doubtless, all eyes will be on Dec. 18, the day U.S. markets will see the launch of three bitcoin derivatives products that could enable Wall Street to short the asset.

Engine exhaust 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 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.

Trending

1
CoinDesk - Unknown
First Mover Asia: Chip Maker Nvidia Isn’t an Ether Proxy, Bitcoin Holds Near $21K

Crypto mining aided Nvidia's bottom line, but it hasn't been a major cause of the stock's steep decline. Ether falls but hovers around $1,200.

CoinDesk - Unknown
2
CoinDesk - Unknown
CoinFLEX to Launch a $47M Recovery Token to Solve Withdrawal Issues

CoinFLEX said last week it was halting withdrawals amid market declines and counterparty uncertainty.

CoinDesk - Unknown
3
CoinDesk - Unknown
Solana’s Macalinao Brothers Double Down on Crypto Venture Fund

Crypto VCs told CoinDesk that building projects and investing in them is a tricky mix.

CoinDesk - Unknown
4
CoinDesk - Unknown
Ms. Crypto Goes to Washington

The Lummis-Gillibrand bill represents a mainstreaming of crypto, even if it's unlikely to pass.

CoinDesk - Unknown