Bitcoin is through $US2,500 and going bonkers, again

Photo by Matt Stroshane/Getty Images

The frenzy in Bitcoin is growing even louder, and it’s dragging its price along for the ride.

Just minutes ago the crypto-currency smashed through the $2,500 level for the first time ever, extending its gains from March 25 this year to over 180%.

Just look at the daily chart — it’s an incredible move. A 180% increase in just two months.

Source: Thomson Reuters

This week alone it has taken out the $2,100, $2,200, $2,300 and $2,400 levels, and now this.

Just unstoppable, seeming sucking in more buyers on every level it takes out.

“Bitcoin is trading like a small cap miner that the market feels is ready to make a game-changing announcement,” mused IG Markets chief market strategist Chris Weston earlier today, when the price was significantly lower.

“The number of social posts I have seen in the past week about how much a $1000 investment made in 2016 would now be worth is everywhere.”

Weston describes the recent price action as the “mother of all FOMO (Fear of Missing Out) trades”.

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