Bitcoin Breaches $10K for First Time Since February

Bitcoin (BTC) rallied Thursday on high volumes, trading above $10,000 for the first time since February 24 late in the day.

The bellwether cryptocurrency surged nearly 7% in 24 hours to $10,035 as of 23:30 UTC (7:30 pm EDT), with most of those gains made in the last 12 hours. The price fell back below $10,000, to the high $9,900s shortly after, though it continues to fluctuate around that level.

The rally means investors who purchased bitcoin at the beginning of the year would now be up almost 40% on their investment. The rise comes after a massive crypto market selloff in March, as the economic fallout from COVID-19 battered both traditional and new, alternative financial markets. As of press time, the S&P 500 stock index is still down 10% year-to-date.

Larger-than-usual bitcoin buying volumes on spot exchanges like Coinbase rapidly pushed the price for 1 BTC up starting around 13:00 UTC (9AM EDT) Thursday.

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