A unit of Bitcoin, the world's largest digital currency, leaped in value by 10% yesterday, reaching $8,945.
Bitcoin's rally, which has taken it to its highest value since April 20 has given a boost to a clutch of smaller cryptocurrencies. Ethereum, the world's second-largest cryptocurrency, rose 18% and is up nearly 110% in the first five months of the year. Litecoin has risen by 13% in the past 24 hours, with gains so far this year of more than 290%.
The rise comes after several months of incremental increases in value. Last month, Bitcoin leapt 20% in a day, prompting several investors to declare that "Bitcoin is back".
Nigel Green, CEO of deVere Group, said at the time: "After being in bear territory there is a growing sense that Bitcoin is back. I believe Bitcoin will now move higher over the next few weeks and months, making steady gains for investors."
Despite these recent gains, however, the cryptocurrency, remains 53% below its record high of nearly $20,000 to the unit at the end of 2017.
At the time of writing, a unit of Bitcoin is worth $8,692.
Meanwhile, it was announced this morning that social media giant Facebook is planning to launch its own cryptocurrency, GlobalCoin next year. The company is looking to create a digital payments system, built around the cryptocurrency, which has been nicknamed Project Libra.