Why did bitcoin’s price surge more than 200% this year?
It has been an annus horribilis, but not for bitcoin.
The cryptocurrency is up over 200% this year and has been on a steady tear over the past few months. At press time, a single bitcoin was valued at about US $23,300. Only 90 days ago, it was trading just above $10,000.
For many bitcoin doubters, the sudden spike is reminiscent of the 2017 holidays, when, as one of my Quartz colleagues recently observed, “you could not stand in a group of three or more dudes and not talk about bitcoin.” That was the year bitcoin hit its previous all-time high, just over $19,700, before plummeting by 30%. Naysayers are watching for another drastic correction now.
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