Bitcoin’s price climbed above $9,200 on Tuesday to hit a 40-day high, according to data from CoinDesk’s Bitcoin Price Index (BPI).
Following a steady increase over the past week, the price of world’s largest cryptocurrency by market capitalization jumped above $9,000 soon after the morning trading session began around 00:30 UTC, after which it continued to climb up to as high as $9,220.97 at around 2:00 UTC.
The price is at its highest point since March 14, when bitcoin dropped $800 within one trading day to reach a one-month low around $8,000.
Following the plunge, the cryptocurrency’s price declined to as low as $6,593 on March 30, reflecting what is now a 39% gain since that market bottom.
As for theories as to what’s behind the move, eToro analyst Matthew Newton said in a statement that it may be a result of the end of the US tax season.
Still, he projected that the price needs to head higher to win more mainstream buyers.
“From our analysis, it is important that bitcoin continues on this trajectory; breaking $12,000 for the first time since January will be a potential turning point,” he said.
Elsewhere, the wider cryptocurrency market has seen price growth in the past month as well, climbing above $400 billion in terms of total capitalization, according to data from CoinMarketCap.
That figure has shifted between $200 billion and $300 billion since March 18.
Currently, four out of the five largest cryptocurrencies by market capitalization are all seeing their prices at one-month highs, market data shows. Ethereum, the world’s second largest cryptocurrency, is now above $660 after recently dropping below $400. The price of bitcoin cash has nearly doubled in the week since April 18, climbing back above $1,500 as of press time.