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Bitcoin Prices Shoot Past $870, Setting New High for 2016
Bitcoin prices continue to surge after passing the $800 mark earlier this week.
Bitcoin prices have surged nearly 10% since crossing the $800 level.
STORY CONTINUES BELOW
The digital currency's price rose to as much as $874.10 at 10:00 UTC on 22nd December, which represented a 9.3% gain from $800 and a 12.4% increase from the same time one week before, according to the CoinDesk USD Bitcoin Price Index (BPI). Prices have climbed more than 100% since the start of the year.
The move follows a week of steadily rising prices, surpassing $800 on 21st December. Some industry analysts had forecasted that the digital currency would finish 2016 either under $800 or close to that price.
At press time, the average price of bitcoin across markets is $861.78, BPI data reveals.
This week's price action comes after a year of headline-making developments that drove markets. Major moments in 2016 included the UK vote to leave the European Union and the hack of bitcoin exchange Bitfinex.
Image via CoinDesk BPI
Charles Lloyd Bovaird II
Charles Lloyd Bovaird II is a financial writer and editor with strong knowledge of asset markets and investing concepts. He has worked for financial institutions including State Street, Moody's Analytics and Citizens Commercial Banking. An author of over 1,000 publications, his work has appeared in Forbes, Fortune, Business Insider, Washington Post, Investopedia and elsewhere. An advocate of financial literacy, Charles created all the industrial finance training for a company with more than 300 people and spoke at industry events across the world. In addition, he delivered speeches on financial literacy for Mensa and Boston Rotaract.
