Bitcoin is still losing steam despite being up around $9,000 by the time you read this article.
The cryptocurrency was down about $3,000 at the time of writing.
The price rose after the announcement that the US Federal Reserve was raising interest rates by a quarter point.
There’s been some discussion about how Bitcoin will grow, though, and that’s what the price has shown this week.
It’s up more than 50% since the beginning of the year.
The Bitcoin price has also been up about 8% over the past week.
The surge was fuelled by an uptick in the number of transactions on the network and by a new version of the Bitcoin software, the Bitcoin Core software.
The software update was made available this week to miners and software developers, and it brought the number transaction rate to its highest point in months.
The reason for the rise is simple.
The network is more secure with the update, according to Roger Ver, co-founder of the cryptocurrency exchange Bitfinex.
“Bitcoin is more stable than ever, but we are still seeing some of the older blocks being mined and the blocks are getting longer,” Ver said.
The rise in transaction volume has also helped the price rise. “
In the meantime, the number and size of transactions increases as the network works through the upgrade.”
The rise in transaction volume has also helped the price rise.
Bitcoin’s price has soared since the Federal Reserve announcement, with the value of Bitcoin hitting $10,000 in January.
In early April, the price of Bitcoin reached $11,000.
It peaked at about $15,000 a few months ago.
“We’ve seen a big increase in volume on the blockchain and that was mainly due to the increased number of people trying to mine Bitcoin,” Ver explained.
“As we get further into the next year, we’ll see the volume increase.”
He added that the increase is partly driven by “higher fees” for miners and other developers who are working on Bitcoin software updates.
“A lot of miners are going to be happy with the fee changes and I think there’s a lot of people working on those and the fees are going up,” he said.
Bitcoin is now up over 50% in the past year.
That means it’s up over 500% in value since the start of the last year.
However, it’s down by about $1,000 per coin since the end of February.
That’s a good sign for the cryptocurrency, but it’s not all that impressive for the average Bitcoin user.
In fact, the average transaction in Bitcoin is down by around $3 to $4.
In terms of the average user, it seems that Bitcoin is a little bit ahead of its time.
However it’s worth noting that Bitcoin has a history of being more volatile than the rest of the world.
“It’s been going up and up and rising in value over the last five years or so and we haven’t seen it drop,” said Ver.
“If you look at the last 10 years, we’ve seen it go up a few times.
It doesn’t necessarily mean it’s going to go down.”
The next big Bitcoin price surge will be on February 17, according the Bitcoin price index tracker.
It will be a big day for the Bitcoin community.
“I would imagine that the day of the first major spike is going to have a huge impact on Bitcoin price,” Ver concluded.
“On February 17th we’ll have a big spike and we’ll be seeing some huge value jumps.”