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.

Sign up for Crypto Insider to have all the cryptocurrency and blockchain news you need to know delivered straight to your inbox.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.