Bitcoin spikes 14% in less than an hour

Bitcoin surged more than 14% in less than an hour Thursday morning, bringing the world’s largest cryptocurrency closer to the $US8,000 level that it has not seen since March.

It’s the biggest intra-day gain for bitcoin in almost two months, according to historical data from CoinMarketCap.

Despite the steep gains, the price is still less than half of its record high of $US19,843 set in December. Earlier this week, Barclay’s said bitcoin is unlikely to ever top that record again, based on modelling that compares the cryptocurrency to the spread of a virus like influenza.

Other major cryptocurrencies were also in the green Thursday, though not nearly as high as the flagship bitcoin. Ethereum was up 7% and Ripple’s XRP was up about 3%.

Bitcoin is down 42% since the beginning of 2018.

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