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Calling all bulls: Bitcoin climbs 32% in a week, prompting cheers of “to the moon”

Of the theories presented, I like the notion the price of bitcoin is increasing due to the lack of a new scandal. At least for now, believers have gained control. But "to the moon" for the battered digital currency? Doubt it. ~ Ilene 

Calling all bulls: Bitcoin climbs 32% in a week, prompting cheers of “to the moon”

By  of Pando

The bitcoin message boards are again flooded with calls of “to the moon” from crypto-currency bulls as the price has climbed more than 30 percent over the last five days. The Coindesk Bitcoin Price Index is currently at $582.27 (and rising) after opening last Monday at $444.81. Yesterday’s closing price was the highest since March 26, erasing a medium-term downtrend. The last week’s price increase has added more than $1.8 billion in total systemic value, with all 12.8 million bitcoins in circulation now worth $7.46 billion.

The question, following a run-up like this is what’s driving the increased enthusiasm and how long will it last? As with any securities market, there are no sure answers, only speculation, but there are several theories of varying degrees of validity.

Many observers have pointed to the rapid decline in value of the XRP – following Ripple Labs co-founder Jed McCaleb’s decision to sell his XRP holdings – and similarly the steady but substantial decline in the Dogecoin price, suggesting the refugees of these markets are now flooding into bitcoin…

Full article: Calling all bulls: Bitcoin climbs 32% in a week, prompting cheers of “to the moon” | PandoDaily.

Image via sofamax.

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