Economics of bitcoin
Price and volatility
The price of bitcoins has gone through various cycles of appreciation and depreciation referred to by some as bubbles and busts. In 2011, the value of one bitcoin rapidly rose from about US$0.30 to US$32 before returning to US$2. In the latter half of 2012 and during the 2012–13 Cypriot financial crisis, the bitcoin price began to rise, reaching a high of US$266 on 10 April 2013, before crashing to around US$50. On 29 November 2013, the cost of one bitcoin rose to the all-time peak of US$1,242. Some evidence suggests that part of this peak in the price of bitcoin was due to price manipulation. In 2014, the price fell sharply, and as of April remained depressed at little more than half 2013 prices. As of August 2014[update] it was under US$600.
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