Bitcoin's price is now nearing $1,600 as it moves to the mainstream

 
Courtney Goldsmith
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Bitcoin's rise is being driven by real-world applications of the digital currency (Source: Getty)

After breezing past $1,500 just yesterday, bitcoin is now edging closer to the $1,600 price point.

The crytocurrency, which was trading up 4.4 per cent at $1,582.31 at the time of publishing, has experienced some volatility today, rising as high as $1,591.97 and falling as low as $1,512.18, according to CoinDesk data.

Bitcoin is booking new all-time highs day after day as the prospect of the currency moving to the mainstream takes hold.

The potential for mass-adoption of the digital currency in Japan, where bitcoin was recently made a legal method of payment, is picking up. Just this week ten new companies said they will open exchanges in the country.

The US Securities and Exchange Commission (SEC) will also reportedly review its decision to block the listing of the first US exchange-traded fund (ETF). The ETF, founded by the Winklevoss twins (of Facebook fame), was a fraud risk due to lack of regulation in the world's bitcoin markets, the SEC said.

The rejection was a huge blow to making bitcoin more mainstream, but now Mati Greenspan, analyst at eToro, said the currency's tipping point is expected to come from Japan.

Read more: Three predictions for the future of bitcoin

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