BITCOIN is recovering from sudden plunge back. This week, the digital currency leapt to record heights, peaking at nearly $2,800 before tumbling back down to around $2,400—by far the most dramatic run in its history.
While bitcoin didn’t maintain its record price for long, it’s been trading feverishly this year, breaking the $2,000 threshold just last week. Other “cryptocurrencies” like Ripple and Ether (the medium of exchange on the decentralized network Ethereum) have also soared.
“People are piling in. I think it’s fear of missing out,” says Campbell Harvey, a professor of finance at Duke University.
The big question is whether a crash is coming or whether cryptocurrencies have hit their stride. Should investors cash out now while the getting is good, or buy more now before the price climbs even higher? So far, when it comes to bitcoin, the only real rule is volatility.
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