Bitcoin hit an all-time high of just over $4 483 on 15 August, with the rally bringing its market capitalisation of $73.5bn within touching distance of major stocks like Netflix, CNBC reported. At the time of writing on 16 August, the price of the cryptocurrency had fallen to below $4 000 as traders took profit from the rally. The digital currency was up more than 60% in less than two weeks. Data from CryptoCompare puts the market cap of South African Bitcoin holdings at just over R1bn, Moneyweb reported. The cryptocurrency is increasingly gaining legitimacy globally, with speculation that it could be viewed as a safehaven asset, such as gold.