Bitcoin, the volatile cryptocurrency that was all the rage in late 2013 when it peaked at an all-time high of more than $1,100, is on the rise once again.
After a rough January that saw the virtual currency dip below $200 to $177.28, Bitcoin regained some value and has been hovering around the $250 mark for the past few months. Over the past week, however, its value has climbed at an astronomical rate that’s surely putting smiles on the faces of those that have been weathering the storm and holding onto their investments.
As of writing, the CoinDesk Bitcoin Price Index reveals that trading opened at $400.71 today and reached a high of $492.40 before dipping back a bit to $474.84. The daily high also marks a yearly high for Bitcoin.
The obvious question at this point is, what’s fueling the sudden growth and excitement?
Experts agree that it’s probably not one single event but a combination of multiple things. As The Wall Street Journal notes, loads of positive press about Bitcoin’s underlying mechanics known as the blockchain could certainly be impacting trading. New capital controls in China may also be a contributing factor.
Trading volume is clearly on the rise. The Journal notes that Bitcoin exchange BTCC was averaging around 20,000 Bitcoins per day in early September, a figure that’s since jumped to around 80,000. That’s close to the exchange’s one-day record of 90,000, CEO Bobby Lee said.
The ceiling on the current surge is unknown although it seems unlikely that it’ll break $1,000.