The positive outlook from Japan and Russia is driving bitcoin toward new heights.

On Thursday, the trading price of bitcoin briefly touched the $1,328 mark on Poloniex before reversing to slightly over $1,310. The popular cryptocurrency also traded above the $1,313 level on digital currency exchange Bitfinex.

The price of bitcoin has stabilized above the $1,000 mark since the beginning of April, when it pushed toward its recent all-time high of $1,263. Analysts said the main drivers for the recent bitcoin rally have been the positive news from Japan and Russia.

Japan formally allowed the use of bitcoin and other digital currencies as a legal method of payment in the country last April 1, meaning it can now be used to make purchases and send remittances while also being exempted from sales tax. The Japanese Diet’s announcement gave bitcoin an immediate price boost as the digital currency demand grew not just locally, but also around the world.