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How high can Bitcoin go?

Remember when Bitcoin boomed and crashed earlier this year? Me and every other talking head out there was comparing it to the Dotcom bubble and its eventual bursting, suggesting that if it were to ever to return to pre-crash levels, it would take years. Apparently not, as today we’re looking at a Bitcoin value that is far and above what it’s ever been before.

At the time of writing, Blockchain has the average value listed as $309 each, not far from $100 more than its previous record holding value of $237. The Mt Gox exchange is listing a similarly high value, with an average purchase price of $311. It’s maximum recent bid though was a whopping $338.

blockchain2

This isn’t a steady climb either. At the start of November, Bitcoin was hovering around $200, but in the last few days its exploded. What’s the driving force behind this new value bump? Often in the past we’ve seen big headlines surrounding certain Bitcoin centric sites linked with these increases in value, so perhaps it’s something similar. Part of it could be to do with the relaunch of the Silk Road drugs marketplace, though that’s unlikely to be the whole story.

trades
It’s nuts to think that this image represents around $50,000 

The question at this point of course, is how high is it going to go? Last time we saw an explosion like this, it was only a matter of days before the crash happened. Looking at the recent trades on Blockchain there does appear to be some relatively big trades going through, with people selling tens of Bitcoins at a time, which could well be larger players cashing out. This wouldn’t have been that much just a year ago, maybe a couple hundred pounds, but with today’s value, that represents thousands of pounds worth of Bitcoin.

KitGuru Says: Any of you made money in this recent surge? I never seem to have enough to “invest” when Bitcoin is at a low eb. 

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