3 Reasons Bitcoin is Booming Again, Price Nears $550

Here we go again. After a long stretch in which the price of bitcoin held stable, the world’s most famous digital currency is on the move again—and this time it’s heading straight up.

On Tuesday, bitcoin was nosing towards $550 per unit, which is even higher than August 2014, when bitcoin prices reached almost $533. The recent move also ends a six-month period of relative tranquility in which prices mostly hovered between $350 and $450.

It’s also a remarkable improvement from a year ago when the currency was in the gutter. On June 1, 2015, one could buy a bitcoin for $226. To get the flavor the recent uptick, here is a screenshot from Coindesk’s price index, showing prices in the last week:

Bitcoin price screenshot


So what’s behind the recent surge? It’s hard to say for certain since the workings of bitcoin are often inscrutable to outsiders, while those who are in the know typically have an agenda to push the price

Read more ... source: TheBitcoinNews