Bitcoin has crested the $1,000 (£812) mark for the first time in years. After steady growth over the Christmas period, in the first day of trading in 2017, it has breached the $1,000 mark and continues to grow. This represents an increase of around 25 per cent in the past month alone.
The history of Bitcoin value has been one fraught with uncertainty. From its earliest days in 2009, where its value cruised at mere pennies per coin, an early peak of $30 seemed to be the most it would ever reach, but then it climbed to 200+… and promptly fell again to half of that a week later. In early 2014 though it exploded to over $1,200, before once again crashing, reaching as little as a quarter of that a year later.
Since then though Bitcoin has showed a steady uptick. Daily dips and rises evened out to a steady incline, and the end of 2016 saw a surprising upswing. Currently Bitcoin is on its biggest run in years and at its highest value point too. Tradition would tell us that a dive back down is coming, but that it will likely be less severe than we’ve seen in the past.
Of course that’s pure speculation, but the future of Bitcoin seems relatively bright. When there are major digital evangelists like Kim Dotcom promising to bolster the cryptocurrency with new services built around it in 2017 and existing services showing no sign of slowing, it could be a bright year for Bitcoin.
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KitGuru Says: Have any of you made money in this latest upswing? I’ve had a couple of Bitcoin over the years and have made a little money here and there, but I would never pretend to be a big investor who knows what they’re doing. Bitcoin just seems too volatile to invest heavily in.