Bitcoin Moves Within Striking Distance of All-Time Price High

The price of bitcoin continued to inch upward today, reaching a press time high of $1,060 on the CoinDesk Bitcoin Price Index.

In total, the global exchange average was the highest observed since 5th December, 2013, when bitcoin traded at a high of nearly $1,150.

According to BPI data, the price remains just over $100 short of its all-time high of $1,165.89, reached on 30th November, 2013.

Notably, the uptick occurred during a time of heightened interest for the digital currency, which has drawn media attention from publications including BBC News, The New York Times and The Washington Post since passing the $1,000 threshold on 1st January.

Not all of the news of late has been positive, however, with the Financial Times going so far as to label bitcoin a “pyramid scheme“.

Despite this lack of press confidence, however, analysts largely remain bullish on the price, which has appreciated roughly $100 over the last seven days, a movement that effectively puts it within striking distance of its all-time highs.

While bitcoin has been given a boost recently by macroeconomic factors, and its use in emerging markets, it remains to be seen if this rally will grow more speculative, and more volatile.

At press time, volumes and prices still appear to be driven by China-based trading, with prices trending $40 higher on CNY exchanges, according to BPI data.

High jump image via Shutterstock

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