Thought that the days of cryptocurrency bubble are Crazy Sexbehind you? Think again.
On Tuesday, the price of Bitcoin hit a new yearly high of $12,867 per coin according to CoinMarketCap, and that's after crushing the psychological $10,000 barrier just days ago.
To put things into perspective: The price of Bitcoin has quadrupled in just six months after hitting a yearly low of about $3,200 in Dec. 2018.
SEE ALSO: Facebook's Libra cryptocurrency: Experts break down privacy issues, threat to Bitcoin, and moreThe price growth has been relentless, even when many experts expected a pullback, or at least a pause.
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While it's quite amazing that BTC isn't all that far from its all-time-high of $19,900, which it reached in Dec. 2017, some traders are forecasting much higher numbers this time around.
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One reason behind the optimism is the "halvening," a recurring event in which miner rewards for producing new bitcoins is cut in half. Typically, there's a price rise leading up to this event. The next halvening will happen in about 329 days.
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Notably, while the price of Bitcoin rages upwards, nearly all other cryptocurrencies -- collectively referred to as altcoins or alts -- suffer in comparison.
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And just like last time, crypto non-believers are warning that the bubble may deflate at any time.
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Read our overview of recent developments in the crypto world for possible reasons behind the sharp growth. Bitcoin's trajectory, however, appears to be largely decoupled from news -- just like it was two years ago.
One thing is certain: With growth like this, Bitcoin has (once again) heavily outperformed assets like stocks and gold and is likely to be the talk of the town -- at least as long as its price keeps rising.
Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.
Topics Bitcoin Cryptocurrency
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