Just a month ago, the Bitcoin’s worth was around $2000 which is now past $4000.
The Bitcoin just broke all the previous records by hitting a value of $4000 on Sunday – which is a major record for any cryptocurrency.
The dramatic rise in the price of Bitcoin is inexplicable to some who are wondering if it isn’t just a price bubble. But it’s not really like that. Let us help you understand why the price is going up so quickly and steadily.
Well, there are or could be many unknown factors for the spike, but there are three key factors that have helped Bitcoin to achieve a steady growth in its value.
- Bitcoin Cash
Just recently, the digital currency was split into: the original Bitcoin and Bitcoin cash – the latter having just around 10 percent value of the original Bitcoin.
With this new form of Bitcoin, the currency is now a lot easier to use. More importantly, the split went quite smooth and successful.
- Faster payments promise
Another reason is the faster payments for Bitcoin cash software. Bitcoin has also been working and tweaking on to make their transactions faster as per the news.
- Demand from Japan
The demand for a currency quite determines its worth. The Japanese are really demanding Bitcoin and according to CryptoCompare, around 40 percent of all the transactions are conducted by the Japanese.