Bitcoin has flown above the $1,900 mark, only $100 away from doubling its value since the turn of the year.

The rise has once again been led by Japanese markets, which has traded a volume of more than $300 million worth of Bitcoin over the last 24 hours.

Japan and Korea now account for two of the top five bitcoin trading markets in the world, according to Crypto Coins News, combining for over 47% of the market share.

Bitcoin started trading at $,1820 on Thursday evening, before making steady gains throughout the night. At the time of writing, the price of Bitcoin sits at $1,926.

In a time in which global markets are stumbling over instability, Bitcoin is experienced a renaissance. The cryptocurrency usually sees its value rise in tandem to dips in real-world currency. Alt-coins, the silver to Bitcoin’s gold, have seen their prices increase by as much as 600% over the past few weeks.

ICOs or “initial coin offerings” have played a big part in this increase, too. With ICOs, blockchain start-ups sell their tokens directly to the public to raise capital without any regulatory restrictions.

The total market capitalisation for digital currencies has now topped $60 billion. RTGS service Ripple alone crossed a cap of $13 billion this week.

Worries about a “Bitcoin bubble” are beginning to form amongst analysts. It could be bad news for the currency if price increases outstrip average annual user growth.

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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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