Just 48hrs ago, Bitcoin crossed a $4,000 dollar threshold, a second time this fortnight Bitcoin has defied expectations. Little over a week ago, Bitcoin was trending well under $3,000, a sudden surge sent the Cryptocurrency soaring above the key price level of $3,000, and in just 24 hrs on Friday managed to scale above $4,000 from around $3,700.
So what exactly has spurred the growth of Bitcoin this way? One reason might be the only recent ICO (Initial Coin offering) craze. Bitcoin has gotten a lot of headway from investors converting other Cryptocurrencies to Bitcoin in order to take part in the much esteemed ICOs.
Another more familiar reason might be, well, word-of-mouth. Bitcoin has received more than its fair share of positive mentions on Wall Street and in media outlets and would-be investors have gotten the message, which has built a sort of echo chamber around the bunch. It's debatable but one could easily say this is the main reason Bitcoin has been driven up so much of late.
In case you were wondering, here is how Bitcoin measures up against other big names in the market like Ethereum as of 14th August 2017. Figures courtesy of coinmarketcap.com
It's worth noting that Cryptocurrency is highly speculative. By tomorrow it could fall twice as fast as it's risen or the reverse could be true. So if you were planning on investing, do so cautiously.
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