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Bitcoin's Price Climbs Above $8,000 to Hit New High
Bitcoin's price rose above $8,100 for the first time on Sunday.
By Stan Higgins
Updated Sep 13, 2021, 7:10 a.m. Published Nov 20, 2017, 3:16 a.m.
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.
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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 confirms a possibility floated by analysts from investment bank Goldman Sachs 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.
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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
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When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Was Sie wissen sollten:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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