Bitcoin Crosses The $1,000 Mark On The Mt.Gox Exchange

Posted on

TechCrunch

Nothing like a little bit of speculation gone wild to kick off the holiday spending season.

Bitcoin just traded past the $1,000 per coin mark on Mt.Gox, one of its largest exchanges — as we write this, it’s at $1,022, with a high of $1,030 a few moments ago.

The currency has been on a massive run the past several days, shooting up hundreds of dollars per unit, prompting complaints that its value is overheated, leaving its price unmoored from any sort of inherent utility. Well, yes, but it’s still fun to watch.

Here’s the chart that shows how the price has been creeping up:

Screen Shot 2013-11-27 at 15.14.49

The market capitalization of the Bitcoin market is far above the potential stored functional use of the currency in even the medium-term, implying to me that it is overvalued. Do what you will, just be careful.

Top Image Credit: Flickr

View original post

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s