Bitcoin breaks $2,000 CAD marking another all-time high

Bitcoin surpassed $2,000 CAD for the first time ever earlier today and currently sits at $1996.21 per coin at midday ET on Wednesday. This is following a gradual boom which began at the beginning of the last week of March and shows no signs of easing off.

Analysts have attributed the most recent surge to an increasing demand for the cryptocurrency in Japan, following the Japanese government’s decision, on April 1st, to recognize Bitcoin as a legal means of payment.

Cryptocompare, a data website that analyses bitcoin trading across many exchanges globally, says that around 50% of trading over the last couple of days has taken place between the bitcoin/Japanese yen currency pair.



Another likely contributor to the coin’s recent surge is the SEC’s decision on April 24th to re-examine the Winklevoss twins’ bitcoin-tracking ETF proposal which was initially rejected at the beginning of March; this was triggered by a petition launched by Bats’ Exchange.

Additionally, shortly after Japan’s decision to accept Bitcoin as legal tender, Russia announced it would consider Bitcoin – along with other cryptocurrencies – in 2018 which has generated further interest in the future of the currency.

Current levels put the total value (‘market cap’) of bitcoins in circulation at around $30 billion – on a par with some of the world’s largest corporations, in terms of net worth.