Market Overview

In Case You Missed It, Bitcoin Hit An All-Time High Wednesday

Share:
In Case You Missed It, Bitcoin Hit An All-Time High Wednesday

While many investors are watching the Dow Jones Industrial Average flirt with the 20,000 mark, the price of one bitcoin quietly traded at a new all-time high.

The price of one bitcoin traded as high as $1,137 back in November 2013. After trading between $200 and $400 for much of 2014 and 2015, the digital currency realized strong momentum in the bottom half of 2016.

New Highs

It took more than three years to eclipse the 2013's high, but on Wednesday, the price of one bitcoin reached as much as $1,140.64, according to data compiled by Bloomberg.

The price of one bitcoin is now higher by 95 percent since the beginning of September and up just shy of 125 percent throughout the entire 2016.

Bloomberg cited the rise in bitcoin to capital or currency restrictions in various countries across the world, most notably China, India and Venezuela.

In fact, Business Insider found that in the first 24 hours of 2017, more than 5 million bitcoins were acquired in Chinese yuan compared to just 53,000 bitcoins bought in U.S. dollars.

"Unlike the exponential adoption that propelled the price of Bitcoin in 2013, the current ascent was driven by a more gradual adoption over the last three years, mostly in China and other countries that have capital or currency restrictions," Gil Luria, an analyst at Wedbush Securities, told Bloomberg.

 

Related Articles

View Comments and Join the Discussion!

Posted-In: Bitcoin BloombergNews Forex Markets Movers Tech Media Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com