Bitcoin jumped suddenly on Tuesday, following months of relatively low volatility in an asset once known for its wild price swings.
The price of the world’s largest cryptocurrency bounced 14 percent higher to more than $4,700, according to CoinDesk data, at its highest level since November 21.
Bitcoin also briefly touched the $5,000 mark on the Luxembourg-based Bitstamp exchange. The digital asset has added over $14 billion to its market value in the last 24 hours, according to CoinMarketCap.
Other virtual currencies were also higher, with ether and XRP both rising around 6 percent.
“Bitcoin has been trading range bound for a while now and shaking off some of the negative sentiment that it accrued in 2018,” Charles Hayter, chief executive of digital currency comparison firm CryptoCompare, told CNBC.
“This trigger was through volume-led price action driving the price and triggering algos on a breakout.”