With Japan at the forefront, bitcoin appears to be doing just fine as it is now trading at $5,610 as of press time.
Based on data from industry website Coindesk, the popular digital currency hit a new record high of $5,856 this morning which saw a 16% massive climb from its previous high of $5,013.91 on September 2.
The Chinese government’s decision to ban bitcoin exchanges last month did slow its price rally when it took a nose dive on Sept. 15 to a low of $2,980. The slump was observed only for a short period as Japan and other players were there to take China’s place.
While Chinese regulators effectively stopped its major bitcoin operations, Japan issued licenses to 11 bitcoin exchanges operating in the country. Representing 58% of the market, trading bitcoin in Japanese yen is currently the biggest single currency pair by volume.
The U.S. dollar is at a distant second place with a current share of about 27% of the market, followed by the Korean won, which now takes 7% of the market by volume.
But while bitcoin trading has endured as it shifted away from China, some analysts have pointed out that the current rally may be driven in part by reports that trading in China would eventually resume. Citing state-owned news company Xinhua, Cryptocoinnews reported that bitcoin trading in China may soon resume but with more regulation.
Analyst Ronnie Moas of Standpoint Research believes the bullish trend will continue and bitcoin could even reach as high as $7,500 by the end of the year.
— Ronnie Moas (@RonnieMoas) October 11, 2017