Cryptocurrencies in general, but certainly its most prominent offering Bitcoin, suffered in the last couple of months, with many fearing that this may be the crash that crypto exchanges and Blockchain technology would not recover from. However, regardless of the fears and the surrounding paranoia, Bitcoin has in fact, in essence, appeared, much to the elation of the greater crypto community.
Explaining Bitcoin’s Recent Gains
Bitcoin or BTC are quickly making gains to achieve a $10 000 peak in 2018; this has largely been due to the high proportion of software developers who have been working on the backend of the technology. Therefore, BTC is looking largely to make gains approximate to the value it achieved towards the end of 2017. A further 3.64% gain was attributed to BTC today, with the net worth of Bitcoin climbing to a total of $9 698, 12 during the early afternoon.
The gains made in BTC have mirrored the successes experienced in other Cryptocurrencies as well this week; for the most part, there have been significant increases. For example, Ethereum has moved up over $803 in total value and LiteCoin has managed to spring up to $162.71, yet others have only managed minimal gains.
There have been significant movements this week within the Crypto exchange market, including an upset as Cardamon moved into the top six Cryptocurrencies pushing out LiteCoin as the firm favorite. In addition, BTC and other Cryptocurrencies, for the most part, seem to be moving onto greener pastures, if you will accept the metaphor.
May seems to be a fantastic month for Cryptocurrency in general, as the various cryptos are bounding up at least $100 per day each day over the past week. One of the main reasons behind this is the recent increase in willingness to work on Bitcoin and other Cryptocurrencies that has been sweeping over the general public at large.
The Problems Bitcoin Has Faced
BTC and Cryptocurrencies as a general rule, have been having a particularly tough time gaining reliable software developers to work voluntarily on the backend of the opensource code, in order to increase efficiencies on exchanges and deploy new additions to existing software on platforms. As of late, there has been an exponential rise in the amount of work that has been done upon the existing code for BTC and other Cryptocurrencies.
Just recently a total of 21 new updates were approved from singular developers within the last two months. For much of BTC’s lifespan, there have been very few developers willing to work or take interest in within BTC; the vast majority of development has been coming from a select group of highly involved BTC frontline believers.
Yet, the current number is rising in direct proportion to the increase in acceptability and notoriety of BTC within the general public as a feasible alternative to fiat currency rather than a fad or a criminal scam. This has been especially due to the large number of prominent investors, such as The Rockefeller family, who recently climbed on board the Cryptocurrency exchange bandwagon.
Therefore, have helped to shift opinions to the better, another positive factor for BTC could also have been the increase in training and education surrounding Cryptocurrencies and Blockchain technology.