Another big day for Bitcoin, as the price has jumped up yet again passing $2200 USD.

As they say, April showers bring May flowers. As Bitcoin ramped up in April, it has more than blossomed in May. At the start of the month, Bitcoin was at $1369 and as of this writing Bitcoin is priced at $2265; a price difference increase of $896! You can see an interactive version of the chart pictured above here.

The reason for the price increase is mainly due to the demand coming from Japan. In early April, Japan officially began recognizing Bitcoin as a payment method and have adjusted their taxes favorably to Bitcoin. Since then, Japan trade volume has been steadily rising.

In addition to the Japanese volume, Bitcoin has also seen a lot of news coverage recently from the WannaCry ransomware hacks. This too has also driven volume, plus other reasons to say the least.

Bitcoin Market Cap Nears $40 Billion

As the price skyrockets, so is the total market capitalization. Today the total reached $37.5 billion and is heading toward a $40 billion market, which will be a huge confidence booster for the Bitcoin economy.

The price across Bitcoin exchanges has fluctuated today, with high volatility in play as the digital currency is reaching new highs. On some exchanges such as OKCoin and CEX.IO, the price has surpassed $2300 USD. Although, exchanges Bitfinex and GDAX are leading the bull run in terms of total trading volume today.