The price of Bitcoin, which has recently risen steadily, has surpassed the 9 million won (US$7,579) mark. Bitcoin was being traded at 9,466,000 won (US$7,971) as of 2 p.m. on May 14, up 13 percent, from the previous day, according to Bithumb, one of South Korea's leading cryptocurrency exchanges. The figure was the highest in nine months. Approximately 116.40 billion won (US$98.02 million) worth of Bitcoin was traded for a day and the market cap recorded 148.08 trillion won (US$124.70 billion).
The price of Bitcoin fell to the 3 million won (US$2,526) level at the end of January, hitting a record low, but it rose to 4 million won (US$3,368) in February and exceeded 5 million won (US$4,210) in early April. Since then, it has continued to rise and is reaching a new high from last week.
The price of Ethereum, Ripple and Bitcoin Cash also surged more than 5 percent, with most of cryptocurrencies showing an upward trend.
Cryptocurrency prices have been recently on the rise because the news spread to the industry inside and out that foreign leading businesses are planning to invest in the sector. The Wall Street Journal reported on May 3 that Facebook is creating a payment system based on its own cryptocurrency. Bloomberg also reported on May 6 that Fidelity Investments, a U.S.-based asset management firm, will introduce a Bitcoin trading service for institutional investors.
In addition, some say that the escalating trade war between the United States and China is dwarfing investments in risk assets, including stocks, and cryptocurrencies are benefiting from it.