Bitcoin has continued its rally that has seen prices rocket from USD $450 in mid-May to more than $750 for the first time since early 2014. The rapid rise in price over the past month also marks the longest sustained period of growth for the popular cryptocurrency since the late 2013 boom that saw the price jump more than 700 percent, plateauing at a record $1,000.
With an overall market capitalization of $11.8 billion in Bitcoin value around the world, it is difficult to attribute any one cause for the spike in prices, but heavy trading in China as well as an upcoming “halving” do seem to have contributed.
This week alone, Bitcoin has charged from around $721 to its current price of $748, a steady four percent increase. A big Thursday put the price beyond $760, but slow trading on Friday morning led to an early drop.
The big question now will be whether Bitcoin