The cryptocurrency bitcoin, surged to its highest level in almost six months on Friday, trading at around $5,800, as prices for other popular digital currencies also jumped. Earlier in the day, its price reached $5,864, the highest point since Nov 14.

13 May, 2019

After an extensive slump since the end of last year, Bitcoin prices have now spiked to a nine-month high of almost $8,000, leaving analysts and enthusiasts questioning what might have caused the sudden uptick. Sitting at around $5,000 at the beginning of May, prices had surged by nearly 40 percent within a single week as of Monday. Despite slight corrective fluctuations, Bitcoin appears to be on course to break the $8,000 limit, having already surpassed the current yearly highs.

READ MORE: Bitcoin hits fresh 2019 highs, driving other cryptocurrencies up According to Coindesk price charts, this is the sharpest increase the cryptocurrency has seen since July of last year when it rose over $2,000 in under two weeks, which has naturally led to a huge amount of speculation about what is driving the current market. What drove $BTC up this week? A handful of large players, that started buying in waves. Systematic buying.