Bitcoin hits another record high on strong Japanese demand, safe haven bid

Bitcoin hit a fresh record high on Monday, continuing the rally from the weekend thanks to strong Japanese demand.

The price of bitcoin hit $4,348.23, setting a fresh all-time high and surpassing the record $4,225.40 hit on Sunday, according to data from industry website CoinDesk. Bitcoin traded about 4 percent higher near $4,282 as of 4:10 p.m., ET.

In the last week alone, bitcoin has added over $15 billion in market capitalization. And year-to-date, bitcoin is up over 320 percent.

Bitcoin three-month performance

Source: CoinDesk

There are four major drivers of the current rally.