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02.01.2017

Bitcoin is back on track with a 3-year high of 1,000 dollars


Well that’s a surprise - Apparently Bitcoin hasn't been dead these past couple of years. Instead, the online currency has slowly been rebuilding itself. And it has been doing a good job of it. At the time of writing this article, it is creeping closer to the mark of 1,000 US dollars, a value Bitcoin last reached in January 2014.


So, what happened? Back in early 2014, Mt. Gox unexpectedly filed for bankrupcy. Mt. Gox was the biggest Bitcoin exchange platform back then and was handling the majority of transactions of the cryptocurrency – more than 70%. The platform was accused of theft, mismanagement and fraud, which lead to the value of Bitcoin crashing down. In March 2015, it reached a low of 200 US dollars. But since then it has been going up – slowly but surely.


The funny thing is nobody knows why exactly. There were some updates to the currency itself and attempts to make it more secure. But there was nothing major. Looking at the growth, it has been unusually stable for Bitcoin. Yes, a growth of 50 percent over the last three months is nothing to scoff at. But, historically, the currency was much more volatile. In November 2013, for example, it went from about 350 to 1250 dollars, just in the span of a month.


So, what does the new soar of Bitcoin mean? For one, it might mean that the currency is finally stabilizing. That it is growing steadily, but slowly, making it less volatile and more predictable. And it might be more popular than many people thought (understandably, after more than a few ups and downs). But Bitcoin will remain Bitcoin and at least in the near future, playing with it will be something reserved for those willing to take big risks.


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Source: https://techcrunch.com/2016/12/28/the-price-of-bitcoin-is-creeping-back-toward-its-3-year-high-of-1000/
Pic: ©typographyimages
 

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