The average price of Bitcoin has reached $500 on at least one exchange Wednesday, doubling in one month’s time after lingering around $240 better part of the year.
Percentage-wise, this is the biggest price surge the cryptocurrency has experienced since its enormous jump in 2013, when the price increased from under $100 to $1,000 in a matter of months.
At the time of this writing, most Bitcoin exchanges have the Bitcoin price above $490; according to Bitcoin tracking site CoinDesk, the price actually reached $500 at one point on the Bitfinex exchange. It has risen by nearly 30% today alone.
The volume of Bitcoin trading has increased significantly as well, jumping to more than 70,000 bitcoins traded per day on the BitStamp exchange Tuesday, compared to sub 20,000 volumes earlier this month.
The reasons behind such a fast price increase are unclear, though there are likely several factors at play. The January launch of U.S.-regulated Bitcoin exchanged Gemini by the Winklevoss twins likely provided some support for the price