In the last few days Bitcoin has dazzled, with record highs and steep declines. Though Bitcoin fell more slowly from its peak than I expected, the currency did manage to shed half its value in a roughly daylong period. So that likely caused a few people to sweat.
But we’re back, baby! After slipping from $900 to $450 or so, Bitcoin has risen to the $735 level, with a firm upswing being its most recent MO. Here’s the chart of Mt.Gox prices for Bitcoin over the past week:
And the same chart with some helpful additions:
According to RealTimeBitcoin, the current market capitalization is around $8 billion. However, that total is calculated using a different Bitcoin price.
It is very, very possible that Bitcoin could find another market updraft akin to what it enjoyed two days ago, and reach new highs. It is also very possible that the Great Bitcoin Rally of 2013 is all but over, and the currency is set to fall as interest in it subsides, undercutting speculative buying that previously gave it such momentum.
We’ll keep an eye on Bitcoin so that you don’t have to. If it does anything batty, we’ve got you covered. However, so long as the following remains true, the Bitcoin discussion isn’t going anywhere:
Top Image Credit: Flickr