Bitcoin has had a rollercoaster few months. The world’s biggest cryptocurrency by market cap hit an all-time high above $63,000 in April, but lost 50% of its value over the next three months. The coin’s price dipped below $30,000 as recently as last week.
The cryptocurrency’s value spike over the weekend, however, thanks in part to a recent show of support from big names like Tesla and SpaceX CEO Elon Musk and Twitter and Square CEO Jack Dorsey at the “The B-Word” conference.
Bitcoin was trading above $38,000 as of Monday afternoon. Though it’s a long way from its peak, bitcoin is still up 33% on the year.
Bitcoin surged in popularity in 2017 when it rallied from $900 to almost $20,000 in less than a year. But it has become known as much for its plunges as for its rallies and has seen its value plummet on several occasions. It is volatile for the same reason that it is valuable — there is no central authority that can intervene in the market.
Bitcoin currently has a market cap of around $736 billion. That’s far greater than Ethereum’s $277 billion market cap, which is the second-largest cryptocurrency by market cap.