Bitcoin prices on Tuesday surged to its highest in six months, pulling smaller cryptocurrencies up with it. Analysts say that the movement is likely due to technical forces as there were no apparent news catalysts at play.
Bitcoin climbed as much as 4.5 percent in trade on Tuesday to top $5,600 briefly, touching its highest since 18 November. It is the largest virtual coin and tends to correlate with other cryptocurrencies. Incidentally, Ethereum and Ripple's XRP also gained in trade.
Previously gaining 3.1 percent, Bitcoin has gained over 35 percent in the month of April, due largely to a 20 percent jump that caused puzzlement among traders and underscored flaws in cryptocurrency markets.
According to a CNN report, in a presentation to the U.S. Securities and Exchange Commission (SEC) in March, Bitwise Asset Management estimated the daily spot volume of bitcoin to be at around $270 million. It further said that as of April 23, the real volume of bitcoin remains above $692 million, up a whopping 156 percent from the previous month.