The Bitcoin market has been experiencing a lot of favorable developments that fill the future of the virtual currency with optimism. It is starting to see a range of innovations that include the wider reception of people, much to the delight of Bitcoin enthusiasts who are eager to promote Bitcoin and its technology.
These changes—more like improvements—present great effects on the virtual currency’s performance in the market, which has become evidently positive as compared to the previous weeks or months.
Before the month of May drew to a close, the Bitcoin price has reached more than $600, posting a significant increase of about 34% from its price a month ago. This can easily be considered as an achievement among those who closely watch the behavior of Bitcoin on various Bitcoin guides since the series of unfortunate mishaps began to pull its value down south.
However, credit the initial price surge to the successful Bitcoin 2014 conference held in Amsterdam during mid-May. According to reports, the Bitcoin chart registered a price increase well above the $418 to $454 range a week after the event, which tackled the possibilities and issues surrounding the digital currency.
Other factors that played a role in pushing the Bitcoin price higher are the improved usability recent developments present. Among these are the services rendered by the Robocoin Bitcoin ATM, which promises more convenient ways of acquiring bitcoins.
Another is the mission of Circle to create a technology that makes storing and using of money secure, simple, and affordable alongside Bitreserve’s goal to put an end to Bitcoin volatility.
Aside from this, the increased adoption of the virtual currency in the mainstream market has also contributed to the momentum Bitcoin has toward its steady climb up the charts. An example of this is the partnership of BitPay and Toshiba VisualTouch in creating a state-of-the-art point-of-sale system that accepts bitcoins. This further expands the numbers of merchants and business that acquire BitPay’s services to more than 30,000 in total.
Moreover, the increase in the number of investments in companies promoting Bitcoin has added a significant effect on Bitcoin’s potential to become even more successful and perhaps reach the level it had once achieved, or even top it.