Newsflash: Bitcoin Price Leaps Above $16,000

January 5, 2018 12:32 PM UTC

Bitcoin price continues its recovery rally as a bullish spike on Friday’s trading pushed the cryptocurrency’s value above $16,000.

At press time, bitcoin is back above $16,000, the first time since the turn of the year, as investors continue to return to the cryptocurrency following a volatile month in December. After hitting an all-time high near $20,000 in mid-December, prices fell from $17,000 to $13,300 in a single day, losing over 20%. Two weeks ago to the day, a flash-crash sent prices tumbling even further toward $11,000 with investors presumably cashing out just ahead of Christmas.

In an ongoing recovery rally, bitcoin began trading just under $13,000 as the clock struck into 2018 before surfacing above $15,000 mid-week upon news of a substantial investment by prolific Silicon Valley billionaire investor Peter Thiel’s Founders Fund reportedly holding hundreds of millions of dollars in the world’s first cryptocurrency.

Today’s spike sees the cryptocurrency hit a new 2018 high of $16,242 (Bitfinex). At press time, bitcoin is trading to the dollar at $16,050.

Today’s upward gains have seen investors returning to the cryptocurrency, according to trading pairs’ data from CoinMarketCap. Of particular note is Binance’s TRX/BTC pair, with a trading volume of over $2.1 billion in a 24-hour period. TRON prices are down 9% on the hour after spiking nearly 100% on Thursday and 400% in the year’s first week. It’s a similar tale with Ripple and the XRP/BTC trading pair as Ripple price fell 9% over the last 24 hours after meteoric gains all through December into January. Ripple’s rise sees it become the second cryptocurrency after bitcoin to achieve a market cap of $100 billion, earlier this week.

Click here for a real-time bitcoin price chart.

Stay tuned for more coverage.

Featured image from Shutterstock.

Last modified: June 14, 2020 9:34 AM UTC

Samburaj Das @sambdas

Samburaj is the Chief Editor of CCN.com, one of the earliest and foremost publications covering blockchain, cryptocurrency, and financial technology news. He has authored over 2,000 articles for CCN.com. Reach him at samburaj@ccn.com. Visit his LinkedIn profile here or his Muck Rack profile here. Samburaj Das is a Trusted Journalist.