Bitcoin Tops $200 For First Time
The value of Bitcoin, the much-buzzed about digital currency, hit $200 on Tuesday for the first time, more than doubling in a just over a week.
Bitcoin's value has exploded in recent weeks fueled in part by economic uncertainty in Europe and an increasing amount ofof the currency, which has been around since 2009. As you can see in the chart below, Bitcoin's value went from just more than $30 at the end of February to $100 in the very beginning of April and it is currently hovering around $210.
Bitcoin passed another big milestone this week as well. The total value of all Bitcoins in circulation — nearly 11 million of them — topped $2 billion for the first time and is now more than $2.3 billion.
While Bitcoin has enjoyed incredible growth recently, the currency has also suffered sudden and severe drops in value. The currency lost more than a quarter of its value last week after the largest market for trading Bitcoins suffered an outage, and it dropped by 10% on Monday in a matter of minutes without explanation. Bitcoin's rapid rise has also fueled concerns that it is just experiencing a bubble, which could pop at any moment.