Bitcoin goes up 7% in a day to reach a five-week high.

Teddy Sagi
Reading time: 2 minutes

According to data from CoinMarketCap, the price of Bitcoin (BTC), the largest cryptocurrency by market cap, has gone up by 7 percent in the last 24 hours and is now worth $23,369.

Even though this is a slight drop from the day’s high of $23,759, which was reached early Wednesday morning, Bitcoin is still trading at levels not seen since June 13th.

The leading cryptocurrency is also up an impressive 17 percent in the last week, and the latest price changes are happening as the number of trades is growing.

On Tuesday, as much as $48.7 billion worth of Bitcoin changed hands on crypto exchanges. In the last 24 hours, this value has risen to more than $47.3 billion.

At the beginning of the month, daily trading fell to just $16.3 billion, one of the lowest points since the beginning of the year.

The bullish breakout also happens as cautious optimism returns to global markets. On Tuesday, U.S. stocks ended with significant gains because more companies, like oilfield services provider Halliburton, pharma giant Johnson & Johnson, and toymaker Hasbro beat earnings estimates.

The Dow Jones Industrial Average went up 754.44 points, or 2.43 percent, to 31,827.05. The tech-heavy Nasdaq went up 353.10 points, or 3.11 percent, to 11,713.15, and the S&P 500 went up 105.84 points, or 2.76 percent, to 3,936.69.

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