Bitcoin Nears $7,900 to Hit New All-Time High
The price of bitcoin is spiking, climbing above $7,700 for the first time since Nov. 8.
At press time, the price of bitcoin is at an average of $7,741.44, representing a gain of more than 6% since the day's open of $7,279. That figure also signifies a gain of over $450, according to the CoinDesk Bitcoin Price Index (BPI).
As of the time of writing, the price hit a high of $7,769.84 today – a figure that brings it close to bitcoin's all-time high of $7,879.06.
The moves – notably seen in the past two hours of trading – continue an advance that saw the price of bitcoin exceed $7,500 earlier today. By contrast, just days ago, the price of bitcoin fell beneath $6,000, hitting a three-week low below $5,600 at the time.
Though the $8,000 milestone may be in sight – a possibility floated by analysts at Goldman Sachs – additional market data reveals a notable achievement. According to CoinMarketCap.com, cryptocurrency markets have seen in excess of $10 billion in trading volume in the past 24 hours.
Don't under-estimate bitcoin cash which is a real enemy of bitcoin. Based on the 24 hr volume of both coins, they are close.