Bitcoin Hits Fresh 2019 High as Sudden Rally Shows Staying Power

Cryptocurrencies keep climbing after abrupt surge on Tuesday
Bloomberg Galaxy Crypto Index is up more than 70% from low

Bitcoin has surged back to life after several months. Bloomberg’s Eric Lam reports.(Source: Bloomberg)

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By Eric Lam (News)

April 3, 2019 at 3:11 AM UTC

Updated on

April 3, 2019 at 10:39 AM UTC

This article is for subscribers only.

Cryptocurrency traders may not know what caused the abrupt surge in Bitcoin on Tuesday, but they’re going along for the ride anyway.

The biggest virtual currency climbed to a fresh 2019 high on Wednesday, building on a spike yesterday that many market participants struggled to explain. Bitcoin increased as much as 5.9 percent to $5,087.54, according to Bloomberg composite pricing. Rivals coins including Bitcoin Cash and Ether also advanced. It later retreated back below $5,000.