I'm afraid I've lost my faith in Bitcoin. Somebody save me..
thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors
This was a fascinating chart and I checked out the numbers for BTC since 1/2011. Was shocked to see that this trend has continued for quite a while:
Google Spreadsheet with Monthly Lows Summary Data
Interesting findings:
- 23 of 29 months since the beginning of 2011 have seen an increase in the monthly low price
- We are in the 16th consecutive month of an increased monthly low price.
- The average change from one monthly low price in this time period: +35.70%