Bitcoin Rises 7% Over the Day to Hit Five-Week High

Bitcoin (BTC), the world’s largest cryptocurrency by market cap, surged 7% in the past 24 hours and is currently priced at $23,369, according to data from CoinMarketCap.

Although this represents a slight decrease from the daily high of $23,759 that was recorded in the early hours on Wednesday, Bitcoin is still trading at levels last seen on June 13th.

The leading cryptocurrency is also up an impressive 17% over the last week, with the latest price action coming amid growing trading volumes.

As much as $48.7 billion worth of Bitcoin changed hands across crypto exchanges on Tuesday, with this value standing at more than $47.3 billion in the past 24 hours.

For comparison, at the beginning of the month, daily trading volumes fell to just $16.3 billion—one of the lowest points since the start of the year.

Bitcoin joins global markets

The bullish breakout also comes amid optimism cautiously returning to global markets. U.S. stocks closed with sharp gains on Tuesday as more corporates, including oilfield services provider Halliburton, pharma giant Johnson & Johnson, and toymaker Hasbro, beat forecasts to report earnings.

The blue-chip Dow Jones Industrial Average soared 754.44 points or 2.43% to 31,827.05; the tech-heavy Nasdaq jumped by 353.10 points, or 3.11%, to 11,713.15; and the S&P 500 gained 105.84 points, or 2.76%, to 3,936.69.

Tuesday also saw shares in crypto-centric companies rising as well, with MicroStrategy (MSTR) jumping by more than 18% to $267.17 and Coinbase (COIN) soaring 12.2% to $65.83.

Elsewhere in the crypto market, notable gainers include meme coins Dogecoin and Shiba Inu, which are up 13% and 11% over the day, respectively.

Ethereum has meanwhile slowed some after the recent rally that took the price of the second-largest cryptocurrency to $1,600 on Tuesday, and is now trading at $1,531, down 0.04% over the day.