Bitcoin price mysteriously soars by 15 percent

Bitcoin is back in town — but it's unclear how it got here.

The cryptocurrency's price shot up by 15 percent on Tuesday, briefly surpassing $5,000 for the first time since November, reports CNN.

Founder and CEO of the deVere group Nigel Green said "there is a growing sense that Bitcoin is back," per CNN. But bitcoin is known for being volatile in the market, making it difficult to pinpoint the cause for the spike, CEO Hunter Horsley told CNBC.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

Latest Videos From

Watch full video here:

The surge may have been caused in part by a $100 million order of bitcoin from an unknown private buyer, but even that order is inexplicable, analysts tell Reuters.

The jump in price has the potential to attract more investors to stake a claim in bitcoin. However, the sudden change shouldn't be considered shocking. Chief market analyst with TF Global Markets (UK) Ltd Naeem Aslam says that bitcoin is "kind of a beast" and has the ability to gain more than 20 percent on a daily basis, per CNN.