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Bitcoin is Just $100 Away From Doubling its Price in 2017
Bitcoin's price has nearly doubled so far in 2017, rising from $1,000 at the end of last year to a new all-time high of $1,900 today.
The price of bitcoin has hit a new high on the CoinDesk Bitcoin Price Index (BPI), reaching an $1,902 average across global exchanges.
STORY CONTINUES BELOW
While one in a string of new all-time highs the digital currency has so far set in 2017, this one is perhaps notable as it means the price is now within striking distance of $2,000, a figure that would effectively find the asset doubling in value in 2017.
Bitcoin traded for just over $1,000 on 1st January, but has edged up sharply amid increasing media exposure for its technology and those in the wider blockchain tech sector. Indeed, on at least two exchanges – Poloniex and Bitfinex – the price was even hovering just over $1,960.
Year-over-year, the price of bitcoin is up 300%, having risen to $1,900, up from $453 on 18th May, 2016. At press time, bitcoin's market capitalization (the value of all bitcoins in existence) was $31bn.
Still, the move comes amid a broader boost in the cryptocurrency market, which broke the $60bn barrier today.
The increase has taken place amid strong surges from Ripple's XRP, which seeks to lower costs in enterprise cross-border payments, and ethereum's ether token, a cryptographic asset that powers its decentralized app network.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.
Big and little screws image via Shutterstock
Pete Rizzo
Pete Rizzo was CoinDesk's editor-in-chief until September 2019. Prior to joining CoinDesk in 2013, he was an editor at payments news source PYMNTS.com.
