Yesterday we noted how the parabolic rise in Bitcoins lately looks a lot like the gold bull market on a chart.
The virtual currency has taken a wild upward turn in just the last 48 hours.
On Monday, Bitcoins were trading around $35. Today, they’re up to $49. That’s a 40 per cent advance.
The chart below shows the surge (click to enlarge):
This is actually part of a larger surge in the currency since January. The three-month chart below shows that just two months ago, Bitcoins were trading below $15:
Nick Colas, Chief Market Strategist at ConvergEx Group, told us that the surge this week may be related to a key step the virtual currency just took toward going mainstream. Click here for details on our conversation with Colas >
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.