Bitcoin's Price Climbs Above $8,100 to Hit New All-Time High

Bitcoin’s price rose above $8,100 for the first time on Sunday.

Data from CoinDesk’s Bitcoin Price Index (BPI) indicates that the price climbed to $8,101.91 between 20:00 and 20:15 UTC. This move came after bitcoin – which toed the $8,000 line during Friday trading – crossed that threshold several hours earlier.

That the price of bitcoin would surge above this height was in the cards last week, as was suggested by analysis at the time. Conversely, last week saw some dramatic movements on the price front, with markets dropping below $6,000 only to recover days later. Market commentary throughout the week was led, in part, by speculation around pending futures product launches and interest among institutional investors overall.

Indeed, the move all but confirms a possibility floated by Goldman Sachs analysts earlier this month. The firm’s analysts have published several forecasts since earlier this year, notably predicting some of the developments seen over the summer.

As of press time, the price of bitcoin has slipped back below $8,000, trading at around $7,983.

Hot air balloon image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Comments

comments

Filed in: Bitcoin Buzz Tags: ,

You might like:

Sorry, I Turned Off My Bitcoin Faucet (Because Money) Sorry, I Turned Off My Bitcoin Faucet (Because Money)
North Korean Hacking Group Lazarus Stole $571 Million in Cryptos: Report North Korean Hacking Group Lazarus Stole $571 Million in Cryptos: Report
What China's Cashless Revolution Can Teach the West About Crypto What China's Cashless Revolution Can Teach the West About Crypto
Bitcoin's White Paper Gave Us Liberty – Let's Not Give It Back Bitcoin's White Paper Gave Us Liberty – Let's Not Give It Back
Tether Floods Into Kraken Exchange, Where Crypto Traders Can Get Dollars Tether Floods Into Kraken Exchange, Where Crypto Traders Can Get Dollars
Ethereum's Constantinople Hard Fork Is Being Delayed Until 2019 Ethereum's Constantinople Hard Fork Is Being Delayed Until 2019
Enough with the ICO-Me-So-Horny-Get-Rich-Quick-Lambo Crypto Enough with the ICO-Me-So-Horny-Get-Rich-Quick-Lambo Crypto
Global AML Watchdog to Release Crypto Regulations By Next June Global AML Watchdog to Release Crypto Regulations By Next June
© 2018 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.