Bitcoin has reached its new all-time high at $1,733, after demonstrating a five percent growth in price in 24 hours. Because it did during the last month, Japan’s Bitcoin exchange marketplace led the latest price surge, processing trades at an average Bitcoin price of $1,800. The Japan’s Bitcoin marketplace presently accounts for 41.8 % of international Bitcoin exchange marketplace share, as the biggest Bitcoin marketplace in the world.
The South Korean marketplace falls behind the United States, with almost eight percent of the worldwide Bitcoin exchange marketplace share. Two Bitcoin markets, Japan and South Korea, show fifty percent of the world Bitcoin marketplace. The current surge in Bitcoin price may be attributed to the explosive increase of two above stated markets. Coincidentally, these two markets have constantly show better demand from traders and investors towards Bitcoin, frequently listing Bitcoin price that is extensively higher than that of different markets including the United States and China.
However, Bitcoin is being traded in Japan at almost $1,800. Thinking about that the Japan’s Bitcoin exchange marketplace accounts for almost half of all Bitcoin trades, it can be noted that the high Bitcoin price of the Japan’s marketplace is being reflected within the international average Bitcoin price. The South Korean exchange is facilitating Bitcoin trades at an extremely high level of $1,970, demonstrating an amazing fifteen percent increase over the United States marketplace, the second biggest Bitcoin marketplace globally, and almost nine percent over the Japan’s marketplace.
A sturdy case may be made concerning the under-valuation of Bitcoin price. The demand for Bitcoin in regulated China’s Bitcoin exchange marketplace has considerably reduced during the last few months because of the authorities and the people’s bank of China’s implementation of strict and impractical Know Your Customer and Anti-Money Laundering regulations. Local information resources such as cnLedger noted that to use China’s Bitcoin exchanges including Huobi and OKCoin, customers need to submit bank documents, conduct a face-to-face interview and other important documents for proof of identification.
However going via such tough approaches to exchange Bitcoin, the China’s marketplace has moved to other Bitcoin exchange markets including LocalBitcoins, which the China’s authorities tried to avoid all along. Presently, Bitcoin is being traded in China’s marketplace for as little as $1,350 on regulated exchanges, a price that is almost thirty percent lower than that of the Japan’s marketplace.
Some institutional traders such as Daniel Masters, director at Global Advisors Bitcoin Funding Fund, think that Bitcoin can enter the $4,000 level very soon.
Daniel Masters stated:
“That example of a successful soft fork in litecoin has made people begin to suppose that we could get a successful Segregated Witness implementation in bitcoin and that might boom potential and move us to the next stage. In the 8 to forteen month horizon, my forecast might be round $4,000.”
The explosive increase of the Japan’s and South Korean Bitcoin markets have acted as the two main driving elements of Bitcoin price as of late. It is undeniable that the optimism around Segregated Witness is contributing to the upward trend of Bitcoin. Traders like Daniel Masters think that when a scaling solution including Segregated Witness is activated on Bitcoin, the price will surge.