NewsBusters has learned that the price of Bitcoin is going to start to creep up soon, as it is a significant part of the Bitcoin economy.
In a report from NBC News, CoinDesk’s John Kelly reported that the Bitcoin price has begun to spike in the past few days.
Bitcoin price has risen by as much as $1,500 in the last 24 hours.
The price of the cryptocurrency has been rising since late last month, and Kelly says that it has now jumped as high as $2,000.
Kelly noted that this price increase is not as dramatic as the Bitcoin crash of November 2016, which was a significant spike for Bitcoin.
However, there is one key difference in this case, as Kelly said that there is a noticeable difference in the amount of Bitcoin in circulation today versus the price at the time of the crash.
According to CoinDesk, the Bitcoin market capitalization of all Bitcoin exchanges is now about $1.5 billion.
This makes it the second largest market cap after the US dollar, which currently sits at $5.3 trillion.
Kelly added that the surge in Bitcoin price is being driven by the demand for the cryptocurrency among consumers, as well as companies.
“This surge is driven by consumers who are seeking out digital currencies as they are gaining popularity in the marketplace,” Kelly wrote.
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Photo credit: Brian A. Smith, via GettyImages: Getty