Bitcoin Price Sets New All-Time High as Crypto Market Tops $170 Billion

Bitcoin's price has risen above $4,700 for the second time in as many days to hit a new all-time high.

Prices climbed as high as $4,747.15, according to the CoinDesk Bitcoin Price Index (BPI), after opening at roughly $4,630. The gains come a day after bitcoin's price increased to $4,703, surpassing the previous market high set on August 18.

At press time, the price of bitcoin is at a global average of $4,733.74, representing a gain of about 2.2 percent, BPI data shows.

Market data shows that all of the top 10 cryptocurrencies by market capitalization are also seeing prices increases today. Ether, the cryptocurrency of the ethereum network, is currently trading at around $381 – a price that is still below the all-time high reported in June but higher than the gains reported earlier this week.

Combined, those price gains have pushed the overall market capitalization above $170 billion for the first time, according to data provider CoinMarketCap.

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