Bitcoin is Breaking Price Records

Journalist:
Rebecca Campbell
February 23, 2017

The price of bitcoin is slowly, but surely demonstrating that it has what it takes to overcome any difficulties it crosses. And it has certainly been illustrating this toward the end of 2016 and so far in 2017.

Just yesterday it was reported that the price of bitcoin had registered a high of $1,153, surpassing its previous high at the beginning of the year on January 4 at $1,139.9. Such is the bullish run of bitcoin that this article had to be quickly amended to include that bitcoin broke its all-time high on Bitstamp, reaching a high of $1,168 less than an hour ago.

This, however, is not the only time where bitcoin has been breaking price records. As this Reddit post shows, during January 2014 the price of bitcoin on various exchanges experienced several highs, which, until recently, may have seemed impossible to break.

And yet, bitcoin is doing just that.

All prices were current at the time of writing but almost certainly will have changed at the time of publishing.

Price Increase with BTC-e

In 2014, BTC-e reported the price of bitcoin at $1,095; however, as can be seen on Bitcoin Wisdom, BTC-e has broken its 2014 price with one bitcoin now worth $1,130.

In just a week there has been a nine percent increase in the BTC-e price. While it’s certainly not a vertical climb, it is this measured assent that helps to give added assurance of the digital currency’s price.

‘Big 3’ Chinese Exchange Freeze

In 2014, OKCoin, BTC China, and Huobi reported prices amounting to ¥7995, ¥7588, and ¥8000 respectively.

On January 2, OKCoin recorded a price jump of ¥8888, BTC China achieved ¥8896.2, and Huobi ¥8895. However, since then changes have taken place that have seen the price of the ‘Big 3’ Chinese exchanges drop.

Since the intervention of the People’s Bank of China (PBOC) earlier this year as it cracks down on the digital currency exchanges within China, the three have frozen the withdrawals of the currency for a month. BTC China expects to resume its services on March 15.

This, naturally, makes for interesting reading into these particular exchanges where the digital currency is trading at a lower than average price as nobody is able to withdraw the bitcoins they have bought.

Current prices for OKCoin, BTC China, and Huobi stand at ¥7750, ¥7544.9, and ¥6470.

Bitstamp Breached and Bitfinex to Follow

Bitstamp and Bitfinex set all-time highs in 2014 with prices of $1,163 and $1,175. Bitstamp has already been breached, with a high of $1,168 while Bitfinex is $10 short of a new all-time high.

Only time will tell before this is likely to happen, but considering that the currency has already broken 2014 prices with multiple exchanges, it’s due to happen sooner rather than later.

Featured image from Shutterstock.

Rebecca Campbell