Bitcoin has just been through a wild ride.

It flew to an intraday high of $266, but then crashed 60 per cent to a low around $105.

Amazingly, it’s already staged a big comeback, erasing more than half of its intraday losses.

Now, it’s trading just below $200. The chart above shows the big move upward in just the last hour or so.

The biggest question everyone has had about Bitcoin in recent weeks – aside from how it works – is whether or not it’s in a bubble.

After all, the virtual currency has seen a remarkable rise since January, when it was trading below $15.

Since the plunge began, we’ve seen some interesting defenses of the virtual currency popping up on the Internet.

A Reddit user posted a graphic showing the Spartans’ shields from the movie 300 redesigned as Bitcoins with the word HOLD! across the top.

Another Reddit user sought to use technical analysis to explain away today’s move.

Henry Sapiecha