Bitcoin Price is Less Than $50 Away From Doubling in 5 Months
The price of bitcoin has hit a new high on coinmarketcap.com, reaching an $1,952 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.
Chart courtesy of Coinmarketcap.com