Over the weekend Bitcoin saw huge gains to the tune of $780, bringing Bitcoin to an all time high of $4,000. According to analysts, this is party due to the hard fork in the Bitcoin block chain only two weeks ago. The fork being successful has caused larger investors to take interest in Bitcoin and gave them confidence of its future.
If Bitcoin continues this trend, we could see prices of $5,000 or more by the end of the month.
The Asian Market Dominating
Currency the Asian market is dominating trades, with the Japanese Yen accounting for nearly 46% of worldwide volume. The US, on the other hand, accounts for merely 25% of all trades worldwide. Trialing behind that is the Chinese Yuan and the South Korean Won, accounting for about 12% each.
This huge volume coming from the Asian market is creating a large demand for Bitcoin, driving the price sky high. The price of Bitcoin has increased four fold this year, with massive gains in July and August alone.
Big Gains in 30 Days
Sine July 14, 2017, Bitcoin has increased nearly $2,000. By almost doubling in value despite a hard fork, confidence in Bitcoins future is strong. Continuing this trend, we could easily see prices peak to $6,000 or more by the time September ends.
Some are cautious of investing right now due to the supposed market “bubble” getting bigger, but according to analysts the prices won’t cease to increase in the foreseeable future. Now may still be an excellent time to invest in Bitcoin.
With higher values many faucets are adjusting accordingly. It’s becoming less and less profitable to run a Bitcoin Faucet supported by ads due to the huge spike in price. Some faucets, including our very own faucet, have had to adjust payout thresholds or flat out reduce payouts completely in order to survive.
Reduced payouts aren’t all bad, though. Because the price is increasing, you can achieve the same payouts in fiat money with less Satoshi (the smallest unit of Bitcoin).
BitMaker, one of our recommended Android faucet apps, released a statement earlier today stating that they had to increase the payout threshold due to the surge in Bitcoin price.
Without proper adjustments, the future of faucets could be grim. Advertising revenue, along with alternative revenue streams, may not be sufficient to sustain faucets without lowering payouts to users.
The future of Bitcoin proves to be interesting, so stay tuned for more pricing updates as the market changes.