Why is bitcoin rising?
Bitcoin looks to be back on track, as a bullish market drives prices up throughout the tail-end of April.
May has been a strong month for the cryptocurrency, which has regularly jumped up by more than $100 in price every day for the last seven days.
A contributing factor to this positive drive is a more widespread adoption to BTC development.
Bitcoin has always struggled to recruit new developers to collaborate and work on the currencies open-source code, improving transaction processes and upgrading the crypto’s software.
Recently, there has been a significant rise in the number of contributors working on the code, with at least 21 code submissions approved by new developers in the last 50 days.
In bitcoin’s chequered history, the vast majority of its code contributions have come from a hardcore group of bitcoin veterans, but the rise in number correlates directly with the currencies increased viability and acceptance in the finance world.
A number of high-profile investors and turned crypto-sceptics, including the Rockefeller family, have eased worries for the vast majority of potential investors, opening the flood-gates to new traders.
Another possible contributor is Jimmy Song's Programming Blockchain Workshop, which has found the high-profile developer and Blockchain Capital partner teaching roughly 250 people since the workshop launched (in multiple locations across the U.S.) in September.
And demand has been so high that he's offering a few more sessions over the next few months.