Bitcoin Price Hits $500, a 50x Increase in Just 12 Months

UPDATE (18 November, 13:45 GMT): in the 24 hours since this report, bitcoin has topped even $600 on Mt. Gox and is hovering just above and below that point. Traditionally lower-priced exchanges Bitstamp and BTC-e passed the $500 mark in the same time, creating a difference of over $80.

 

CoinDesk’s Bitcoin Price Index has the current price at $526. BTC China, now the world’s largest bitcoin exchange by trade volume, actually saw the value reach a US dollar equivalent of over $640 for a brief period, and it remains higher than any other exchange.

 

————————————————–

 

Those bitcoins that made you gasp at $300 just a couple of weeks ago? They were a bargain — the value of 1 BTC has now passed $500.

 

Prices hit this record and landmark figure at 11.50am GMT on 17 November, and at the time of writing were trading at $503.10 on Mt. Gox.

 

That means: if you bought a stash of bitcoins at their absolute highest peak price of $266* in April 2013 and then felt nauseous as the price plunged to $65 the same week, you have now almost doubled your investment. Provided you didn’t cut your losses and sell prematurely, that is.

 

The bitcoin value began rising again almost immediately after that, breaking through the $100 mark again before May and hovering around that region throughout the northern hemisphere summer. It broke through $200 in late October and since then the price charts have been close to vertical, hitting $300 on 6 November and $400 on all exchanges by 15 November.


Source: CoinDesk.com