Latest bitcoin news
The world's famous cryptocurrency succeeded in increasing with almost 7% according to CoinDesk's index tracker. It was around the 4th of December that the digital currency was recorded to have traded at $4,000. It began to plummet in mid-November after enjoying months of stability.
Last year, it fell below 80% since a record high near $20,000. However, earlier this week, it jolted upward on the anniversary of the cryptocurrency's all-time high.
Other major digital assets also traded higher on Thursday, Ryan Browne a news Assistant at CNBC.com reported. XRP, a virtual token closely associated with blockchain firm Ripple, increase more than 2% to almost 38 cents, while the digital token of the Ethereum blockchain, rose over 5% to $109. According to CoinMarketCap, the two cryptocurrencies are currently the second and third-most valuable.
"The surge on Monday represents a strong push off the key support level of $3,000 per coin," Mati Greenspan, senior market analyst at social trading platform eToro, told CNBC in an email.
"This is an extremely significant movement that may end up creating a floor for the battered down cryptocurrency."
Greenspan also said the sudden rally was likely to be a result of traders who have closed their short positions ahead of the holidays.
Charles Hayter, the chief executive of cryptocurrency comparison platform CryptoCompare, said the recent sell-off in cryptocurrencies was likely seen as a buying opportunity. He told CNBC that the maxim of buy when there's blood on the streets could be influencing some to gain exposure at this nadir prior to the new year.
2017 was also a big year for the cryptocurrency space as a controversial fundraising method known as an initial coin offering (ICO) managed to gain traction.