Bitcoin is seemingly unstoppable right now.
The cryptocurrency topped both $US2,000 and $US2,100 for the first time on Sunday night/Monday morning. It’s now trading up $US106.11, or 5.2%, at $US2130.69 a coin.
Monday’s advance has been fuelled by further weakness in the US dollar, and news that Peach has become Japan’s first airline to accept the cryptocurrency, Bloomberg says.
Bitcoin has gained in 24 of the past 27 sessions, and is up more than 82% over that time. According to CoinMarketCap.com, bitcoin now has a market cap of nearly $US35.9 billion.
The rally has seemingly been sparked by news out of Japan at the beginning of April that bitcoin is now considered a legal payment method in the country. Along the way, Ulmart, Russia’s largest online retailer, said it would begin accepting bitcoin even though Russia said it wouldn’t explore the cryptocurrency until 2018.
The gains also seem to be boosted by speculation the US Securities and Exchange Commission could overturn its ruling on the Winklevoss twins’ bitcoin exchange-traded fund. The SEC was accepting public comment on its decision until May 15, but hasn’t yet announced whether it will overturn its rejection of the ETF.
Bitcoin has gained 125% this year. Except for 2014, it has been the top-performing currency every year since 2010.
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