Wondering why bitcoin spiked to pass $5,000 for the first time in months last night? It could have to do with one major purchase.
div > div.group > p:first-child"> The price of the world's largest cryptocurrency bounced more than 15 percent higher to $4,766 as of 4 p.m. ET Tuesday. That marks its highest level since late November, according to CoinDesk.
The reason for the sudden price jump wasn't immediately clear. Other virtual currencies were also higher, with ether and XRP rising 10 and 9 percent, respectively. "Bitcoin's break above $4,200 this morning was critical, as the market had been watching that level for a while," Mati Greenspan, senior market analyst at trading platform eToro, told CNBC.
It comes after a massive slump for the cryptocurrency market last year. Bitcoin fell over 76 percent in 2018, and is still well below an all-time high near $20,000 it notched in December 2017.
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