News Bitcoin briefly hits $5,000 after 20 percent surge

Bitcoin briefly hits $5,000 after 20 percent surge

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LONDON (Reuters) – Bitcoin briefly touched $5,000 on Tuesday, its highest level since late November, while other cryptocurrencies also surged.

On the Luxembourg-based Bitstamp exchange, Bitcoin rose as much as 20 percent in Asian trading to briefly touch the $5,000 mark before settling at $4,730 by 0700 GMT, up 14 percent on the day; still its biggest one-day gain since April of last year.

Ethereum’s ether and Ripple’s XRP, two other large cryptocurrencies, also jumped higher.

It was not immediately clear what was behind the rally in virtual currency prices.

This post was originally published on Reuters Bitnewsbot curates, examines, and summarizes news from external services while producing its own original material. Copyrights from external sources will be credited as they pertain to their corresponding owners. The purpose is to make use of 3rd party content or pictures as either allusion or promotional endorsement of mentioned sites.

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