UPDATE (16th November 4:48 EST): The price of bitcoin has hit a new all-time high of $7,892.42.

The price of bitcoin is spiking, climbing above $7,700 for the first time since Nov. 8.

At press time, the price of bitcoin is at an average of $7,741.44, representing a gain of more than 6% since the day's open of $7,279. That figure also signifies a gain of over $450, according to the CoinDesk Bitcoin Price Index (BPI).

As of the time of writing, the price hit a high of $7,769.84 today – a figure that brings it close to bitcoin's all-time high of $7,879.06.

The moves – notably seen in the past two hours of trading – continue an advance that saw the price of bitcoin exceed $7,500 earlier today. By contrast, just days ago, the price of bitcoin fell beneath $6,000, hitting a three-week low below $5,600 at the time.

Though the $8,000 milestone may be in sight – a possibility floated by analysts at Goldman Sachs – additional market data reveals a notable achievement. According to CoinMarketCap.com, cryptocurrency markets have seen in excess of $10 billion in trading volume in the past 24 hours.

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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.