As regular readers no doubt recognize, we rarely comment on the ups and downs of Bitcoin’s rollercoaster price fluctuations. Sometimes, though, the topic simply cannot be avoided. Today is one of those times, as the world’s most well-known cryptocurrency did something that’s been more than three years in the making: Bitcoin hit an all-time new price high today, surpassing the $1,165.89 high that it reached in November, 2013 – only a few months before it all came crashing down after the Mt. Gox disaster.
In the years following that crash, the price of Bitcoin has fluctuated wildly. At one point, it seemed to settle into the $250 range. Over the last year, however, the price has increased from roughly $425 to more than $1,000 as 2016 drew to a close. That rush to $1,000 was short-lived, as Bitcoin's value then fell below $900 last month.
The price has since surged past that $1,000 mark once again, and has been there for more than a week now – the longest stretch of time that the currency has ever enjoyed this level of price support. As this post goes to press, the current price stands at $1,192.58 – more than $20 more than its previous high in 2013.
Naturally, the analysts have a variety of theories about why this is happening now. Some have attributed it to the confirmation of Bitcoin supporter Mike Mulvaney as the Director of OMB. Others believe that it is based on positive expectations for approval of the Winklevoss ETF next month. Still others cite Bitcoin scarcity and other factors. Whatever the underlying causes might be, one thing's for sure: this continues to be one interesting rollercoaster ride.