BitBeat: Bitcoin Surges Past $400 on Back of the New ‘Shining Star’ - MoneyBeat - WSJ

Unlikely to be a supporting case study for the rational investor hypothesis

"The price of bitcoin is surging, crossing back over the $400 mark for the first time since last November, amid a burst of trading activity and a surge in interest in the technology underlying the cryptocurrency.

Bitcoin crossed back over $400 on Tuesday (and well over it on most exchanges), up 15% over the past 24 hours and capping a run that has seen it nearly double since falling to $209 back in August. It’s been nearly a year since the price was at the $400 level, last November. Back then, it was on its way down, a drawn-out, year-long slide from the late 2013 all-time high above $1,100. Today, the price is on its way up.

There isn’t one explanation for the move, but one thing is clear: The bitcoin hype machine is back in action – even if it’s been redirected."

BitBeat: Bitcoin Surges Past $400 on Back of the New ‘Shining Star’ - MoneyBeat - WSJ