hello, i'm relatively new to the bitcoin scene and wanted to ask a kind of noob question to introduce myself to the forum.
what is the general consensus around the cause of bitcoin reaching a valuation of around $1100 in november 2013 - looking at this chart it seem like a pretty accelerated spike in a short period of time.
http://bitcoincharts.com/charts/bitstampUSD#rg730ztgTzm1g10zm2g25zv
i'm guessing the 50% drop in january was related somehow to the mt.gox fiasco but i wasnt too sure what had caused the price to go up so much in the period of roughly 1 month around november 2013, any insights would be appreciated!
what is the general consensus around the cause of bitcoin reaching a valuation of around $1100 in november 2013 - looking at this chart it seem like a pretty accelerated spike in a short period of time.
http://bitcoincharts.com/charts/bitstampUSD#rg730ztgTzm1g10zm2g25zv
i'm guessing the 50% drop in january was related somehow to the mt.gox fiasco but i wasnt too sure what had caused the price to go up so much in the period of roughly 1 month around november 2013, any insights would be appreciated!
I will tell you what was the most important IMO in this case :
"Demand".
Isn't what is making prices on a markets go up?
but not only demand. People understood how great bitcoin really is. Difficult is goin' up. Hashrates are going up. Imagine mining if price of BTC would be 80% lower
ROI.This is just a sum of few indicators which are operating a price
ps. I am not any economy expert so mind me if I forgot about something very important in this case.