Here Are 5 Theories for the Bitcoin Price Spike

Crypto-fans have weighed in with competing theories on its sudden rise.

Bitcoin spiked to more than $7,500 on Sunday — a sharp rise from its $5,000 level at the start of May, and more than double its price in mid-December. Analysts have struggled to identify one single catalyst.

“With no major news factors behind the aggressive appreciation, the sharp $1000 jump over the weekend remains a mystery to investors,” wrote Lukman Otunuga, Research Analyst at FXTM, in a research note.

However, crypto-fans have weighed in with competing theories on its sudden rise, which run the gamut from compelling to wildly far-fetched.

Full story at Business Insider