Bitcoin jumped to a fresh new six-month high on Friday in a move that traders said was the result of technical forces, with no immediate news catalysts sending the cryptocurrency higher.
Bitcoin climbed more than 7 percent to briefly break $5,750, its highest since Nov. 14. It was last at $5,680 on the Bitstamp exchange, taking gains this year for the original and biggest virtual currency to nearly 55 percent.
Other major cryptocurrencies such as ethereum and Ripple’s XRP, their prices are often seen as correlated to bitcoin, also moved higher.
The reason for the upward move wasn’t immediately clear. The virtual currency is now up more than 55% since the start of the year.
Other digital assets, including ether and XRP, also climbed. Ether moved about 5% higher to just shy of $170, while XRP was up nearly 2% at a price of 31 cents.
This story originally appeared on CNBC. Image courtesy of Mehmet Ali Ozcan/Anadolu Agency/Getty Images.