At a $400 exchange rate and a $4.6 billion market cap, Bitcoin is booming. More skeptics, cheerleaders, and curious potential investors are talking about it than ever before.
As the world wonders why it’s doing so well, the peer-to-peer currency is on pace to hit two major milestones in the near future.
Bitcoin’s market cap, which is more than double what it was just three weeks ago, is on pace to hit $5 billion around the time bitcoins hit $417, based on the current bitcoin count. As time passes and more bitcoins are mined, that magic number will go down.
Earlier this month, the cryptocurrency sprinted past its previous all-time high exchange rate of $266. Referred to lovingly and derisively as “magic Internet money,” it’s now sitting at a $400 average across all major exchanges.
The price of bitcoins has doubled in the past month. Will it be able to climb all the way to $500?
Wondering why? See: 7 reasons why Bitcoin is bigger than ever.