The value of a single BitCoin has been on a will ride for the past couple of years. On January 13, 2013 it was $14. From there it zoomed to $1145 by November 29th before starting a huge drop down to today’s value of $244. The curious thing though is that the price has stayed with the $200-$300 band since January which is around 4 months.
On January 13th it hits it’s low of $178 and then bounced back to $210 by the next day. Since January 14th the price has stayed above $210 and hit a high of $297 in March. It now seems to be bouncing within this range generally staying around the $230 to $250 mark.
When compared to any other type of commodity the 10-20% daily fluctuation in value would be considered massively volatile, but for BitCoin it may be showing that the market is getting closer to deciding on it’s value going forward. There is wide agreement that the final success of BitCoin as a “real” currency will come after the value has stabilized and average consumers feel more comfortable with knowing what it’s worth when they either buy it, or accept it as payment. If the value of BitCoin continues to be relatively stable we may be very close to it becoming the currency of choice for average people.
You can view the Coinable BitCoin value charts here: https://www.coinbase.com/charts