New York (CNN Business) Remember bitcoin? It's back. In a big way.

Bitcoin prices have surged nearly 60% to about $6,000 after plunging almost 75% in 2018.

bitcoin XBT Sure, the cryptocurrency is still far from its all-time highs of just under $20,000, which it hit in December 2017. But crypto investors are increasingly optimistic that thebounce of 2019 is real and that it and other cryptocurrencies may enjoy a steady march higher.

It may be tempting to declare this year's bitcoin rebound as another sign of investor insanity. "Uh-oh: Investors are doing it again. Cue the sounds of a bubble being inflated. All we're waiting for now is the inevitable pffft as the bubble pops."

But bitcoin may finally be trading at an appropriate price.

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