The price of bitcoin hit two major milestones today, reaching a new 2016 annual high and rising to its most elevated level since February 2014.
At press time, bitcoin’s price rose to a high of $788.49, CoinDesk USD Bitcoin Price Index (BPI) figures reveal.
The figure not only surpassed the previous 2016 high of $781.31, but also represented bitcoin’s most elevated value since this summer, when expectation was high about the digital currency’s upcoming decline in rewards .
However, with today’s movements, bitcoin has finally broken through after weeks of flirting with its previous annual high. The digital currency neared $781 several times this month, but up until now, has been unable to surpass it.
Bitcoin prices came within roughly $2 of this previous high yesterday, and then broke through it at 01:45 UTC today, BPI figures reveal.
After surpassing this level, the digital currency generated additional gains.
Now that bitcoin prices has surpassed the previous high of $781.31, this price could become a new support level for the digital currency. Whether this support materializes or not, bitcoin prices have generated very strong returns so far this year, rising more than 80% from roughly $430 to more than $780.
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