Bitcoin Blitz Sees Price Gain Toward $800 at Near 3-Year Highs

Bitcoin price is going from strength to strength, shattering its way to a new high in 2016 at $793.27. The remarkable milestone is a double-header, with bitcoin price pushing toward highs not seen since early 2014.

On February 6, 2014, the price of bitcoin reached a high of $796.05. Today’s high of $793.27 on the Bitstamp Price Index (BPI) represents a trading level that hasn’t been seen since the early days of 2016 as bitcoin builds on a steady swell whilst foregoing the volatility that the cryptocurrency is often coined with.

The day began with trading to the dollar at $777.38 at midnight UTC. As trading approached $780.04 at 02:00 AM, a quick surge saw price quickly break the $790 mark to chalk in the new year-high at 02:40 AM.

Although price then took a steep decline toward $770.02 in a 15 minute trading period, steady trading since has seen the BPI reach recent levels.

At the time of publishing, bitcoin is trading at $777.50

The recent rise in value comes during a time of significant economic disruption in countries around the world, with the notable examples of demonetization in India, a country of over a billion people, and Venezuela, which has seen rapid hyperinflation. In India's case, such is the interest and demand for bitcoin in India that the price for the cryptocurrency has seen premiums of up to $1000 per coin.

The steady rise in bitcoin price this year follows other significant events around the world, including the unexpected results of the Brexit vote and the U.S. presidential elections.

Altogether, bitcoin price has charted significant ground in 2016, having started the year at $432 before trading at the $780 mark at the time of publishing. The world’s most prominent cryptocurrency has gained more than 80% in value, with a fortnight left in 2016.

For a live Bitcoin Price chart, click here.

For the most recent bitcoin price analysis piece from CCN analyst Jim Fredrickson, click here. Today’s analysis will be published shortly.

All time references are in Coordinated Universal Time (UTC).

Image from Shutterstock. Charts from Bitcoin Wisdom and CoinMarketCap.

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Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering blockchain, cryptocurrency and financial technology news. He has authored over 1,500 articles for CCN and is invested in Bitcoin. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas

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