Bitcoin is exciting. Not only do we have this incredible technology at our hands, but the price of this digital currency seems to do very wild things.
Many would argue that that’s the appeal of bitcoin. It’s an opportunity to take part in the changing of how we interact with money, but it’s also a new opportunity to make or lose money.
Beads of sweat dripped from the faces of many in the community this week, when the price of bitcoin took a tumble to a low of $442 at the Bitstamp exchange.
As expected, the cries of demise resounded throughout web forums and social media, but in brilliant fashion, the price has rebounded over the past three days to a high of $527.
A dramatic and interesting climb of 85 points in almost the same amount of time it took man to reach the lunar surface from the launch pad in Cape Canaveral, Florida.
At the present time, the bitcoin price is sitting pretty at $513.
It didn’t take long before a thread celebrating the re-visit into $500 territory popped up on social sharing site Reddit.
“Wait a minute…,” commented a fellow user, seemingly going along with the joke.
“Save it for at least $700,” another said.
Traders and enthusiasts alike await to see what the next short-term trend will be. But really, all we have is speculation. There are new frontiers, and as such, we’re we’ll be next is anyone’s guess.
And now seems like an appropriate time to post up this week’s bitcoin-related poll:
Opening it up for discussion
So let’s get your word in. Where do you estimate the price will be in a week time? What factors do you think will play a critical role in the climb/descent to that point?