The price of bitcoin first reached 4-figures in January when it peaked above $1,000. This was fueled by increasing demand in China and India, but it was short-lived because the government introduced additional charges. Hopes for a bitcoin ETF by the Winklevoss twins then propelled bitcoin above $1,200. However, it was the legalization of bitcoin in Japan that had the biggest impact on the price of bitcoin. Now there’s a new record at $3,500 that continues to prove that bitcoin is indeed the leader among virtual currencies.
The past week saw two major events occurring simultaneously, causing the surge in the price of bitcoin in just a few days.