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The bitcoin price has recently passed $300, and is currently hovering around $306 on Bitstamp. The price has increased by a whopping 22% in the last 24 hours. Over the past 3 days, the change in the bitcoin value was +33.61%.

Sarah Hody, a lawyer working for digital currency exchange Coinbase, tweeted about the sharp increase of the bitcoin price within the last day.

Price of #bitcoin up $57 in last 24 hours. Anyone else excited for the moon? pic.twitter.com/iQE74bOdov

— Sarah Hody (@SHodyEsq) January 26, 2015

Other Twitter users also noticed the price spike. Brian Patrick Eha, a journalist currently writing a book about bitcoin and the Silk Road marketplace, posted a tweet saying:

This is what a #Bitcoin rally looks like. pic.twitter.com/SztpRFtdal

— Brian Patrick Eha (@brianeha) January 26, 2015

Banking and payments consultant Faisal Khan attributed the spike to the price passing a “psychological barrier”.

…and #bitcoin breaks through the $300 psychological barrier. Up, up and up… or as Buzz Lightyear would say “to infinity and beyond”

— Faisal Khan (@babushka99) January 26, 2015

At the start of the year, the value of 1 bitcoin fell by over 15%. This drop created a stir in the bitcoin community, and generated mixed reactions.

Some people believed that the digital currency’s value fell at the start of 2015 because it was overvalued.

Bitcoin price plunge sparks new crash fears http://t.co/z3tV3KyqPs Q should not b why $BTCUSD is falling, but why it ever rose so far $$

— David Merkel (@AlephBlog) January 15, 2015

When the price fell below $200, Quartz published an article saying the crash was “worse than both crude oil and the ruble”, pointing out that the cryptocurrency had lost approximately 76% of its value over the previous 12 months.

However, it seems that bitcoin is headed upwards, at least for the time being.

Do you believe the bitcoin price will increase or decrease in the coming days? Share your thoughts in the comment section below.

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