There is no clear catalyst for the sudden shock, but as The Independent reports, the latest rise follows news that bitcoin's hashrate – the amount of power its network consumes to process transactions and generate new units of cryptocurrency – is at its highest level since November 2018. This can be an indicator of subsequent price gains, though there are many factors that determine a cryptocurrency's value.
Speaking to The Independent before the latest price surge, one cryptocurrency expert lamented the negativity in the market but hinted a spark could set it off in a positive direction once again.
"Cryptocurrency has been comparatively dull by the standards that we have become accustomed to, and for the most part caution and negativity still prevail," said David Thomas, director of Mayfair-based cryptocurrency broker GlobalBlock.
"Something needs be the catalyst to get things going again. Unfortunately, global uncertainty for a multitude of reasons is driving many to become more risk averse and so whatever that spark is, it needs to be significant."