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Bitcoin rallies to a six-month high, other cryptocurrencies also jump

Key Points
  • Bitcoin jumps 7% to $5,750, its highest level since November 14.
  • Other digital assets, including ether and XRP, also climb.
Mehmet Ali Ozcan | Anadolu Agency | Getty Images

Bitcoin is on a tear Friday, climbing to a fresh six-month high.

The world's best-known cryptocurrency jumped more than 7% Friday to around $5,750, according to CoinDesk data, its highest level since November 14.

The reason for the upward move wasn't immediately clear. The virtual currency is now up more than 50% since the start of the year.

Other digital assets, including ether and XRP, also climbed. Ether moved about 5% higher to just shy of $170, while XRP was up nearly 2% at a price of 31 cents.

The entire market has added nearly $10 billion in value over the last 24 hours, according to CoinMarketCap.

Cryptocurrencies are still well off their late-2017 highs, with bitcoin still about 70% off its near-$20,000 all-time peak. The market suffered a massive slump last year, but sentiment appears to be improving in 2019.

Mati Greenspan, senior market analyst at social trading firm eToro, said the move was likely a "continuation" of an early April surge.

"Overall crypto market participants have been getting continuously bullish lately," he said by email.