Bitcoin is Just $100 Away From Doubling its Price in 2017

Bitcoin is Just $100 Away From Doubling its Price in 2017

The price of bitcoin has hit a new high on the CoinDesk Bitcoin Price Index (BPI), reaching an $1,902 average across global exchanges.

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

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Published at Fri, 19 May 2017 00:41:00 +0000