Bitcoin has been on a rally, surpassing $1,900 for the first time in its history on Friday.
Now, the digital currency is about $50 away from hitting a value of $2,000. In recent days, bitcoin’s value has jumped partly due to a surge in trading from Japan and Korea. Japan recently approved bitcoin’s use as a legal currency for retailers, CNBC reports. At the same time, some investors see the asset as a “safe haven” against geopolitical risks, despite bitcoin’s own volatility.
Bitcoin has gained $3.7 billion in market capitalization since Monday, to reach about about $32 billion, while the total market capitalization of all cryptocurrencies has gained $11.3 billion in the same period to hit a total of $67 billion, according to CryptoCurrency Market Capitalizations.
Over the course of the past 12 months, the value of bitcoin has risen 350%.