The bitcoin price briefly crossed $6,300 on Friday after a surge in trading volume led to a significant price swing.
Bitcoin had languished below $6,000 for most of the day after dipping below that mark on Thursday. That changed at approximately 22:30 UTC, when a sudden spike in trading volume hurled the bitcoin price above the $6,000, $6,100, and $6,200 marks in quick succession.
The flagship cryptocurrency ultimately rose as high as $6,302, its highest mark since June 25, though it has since receded back to a present value of $6,238 heading into Saturday morning.
Bitcoin currently has a $106.4 billion market cap, which translates into a 24-hour increase of more than five percent. Perhaps even more notably, the rally brought bitcoin’s weekly chart into positive territory, and BTC is now up 1.18 percent over the past seven days.
The total cryptocurrency market cap, meanwhile, has recovered to $249.3 billion after declining as low as $232 billion on Friday during intraday trading.
There does not appear to have been a clear trigger for the rally. There has been renewed hope of the possibility of U.S. regulators approving a bitcoin ETF in the near future, but past denials have likely taught investors not to buy the rumor on these discussions.