BTC Reaches Another All Time High

Bitcoin has reached another all time high of $4,300 on the cryptocompare index. The recent rally has spawned from a series of good news in the Bitcoin space. The August first hardfork went smoothly. Since the hardfork, Segwit successfully locked in on Friday 11th leading to the price breaking the $3,300 resistance and is climbing into uncharted territory.

The recent climb has been lead by the Japanese markets with daily volumes of over 130,000 Bitcoin on the largest exchange - Bitflyer.

Given the growind deman in the country, Bitcoin is trading with a premium of up to 5-6% against the USD markets. After legalising bitcoin as a form of currency in early April. Japanese investors have shown a significant interest in the currency as a method of hedging poor returns on FX and Japanese markets.

According to Yahoo Finance, Bitcoin is $400 million more valuable than PayPal, whose market cap is $70.2 billion versus the $70.6 billion of Bitcoin.