Bitcoin surges past $8,000. Is this 2017 all over again?

In the spring of 2017, after several months of sideways trading, the price of Bitcoin started rising — from about $1,000 in early April to $2,500 in mid-May. By August it was at $4,000. The trading was choppy and declines were sudden and severe, but the price always recovered, reaching new highs in a matter of weeks. In November alone, the price started at roughly $6,500 and ended at over $10,000 (all data courtesy of CoinMarketCap). 

Two years later (with a pretty terrible 2018 in between, price-wise), the price of Bitcoin is on a similar trajectory. Last week, it crossed the $6,000 mark for the first time this year. Just five days later, Bitcoin easily surged past $8,000, and it’s currently trading at $8,240 at Coinbase. The prices of other cryptocurrencies rose as well; Ethereum, which saw even bigger gains than Bitcoin in 2017, surpassed $200 for the first time this year.

The numbers have changed, and many millions were poured into blockchain-based businesses since, so the stakes are much higher this time around. 

But it’s hard not to notice the similarities. Just like in 2017, there’s fear of China banning this or that aspect of crypto. Just like back then, major cryptocurrency exchanges are being hacked, with hackers making away with millions. Famous investors like Warren Buffet are once again making fun of Bitcoin. There’s fear of stablecoin Tether collapsing — though, to be honest, this fear has been around for years and it never really went away. And again, there’s talk of institutional investors entering the space in a big way. 

Some words of caution: There’s a reason why every invest