The price of cryptocurrencies surged yesterday, with Bitcoin rising as much as 20% in Asian trading. It marked its biggest 1 day rise since April 2018.

The price of bitcoin briefly hovered around $5,000 on Tuesday – its highest level since late November 2018. The price of other cryptocurrencies also surged.

On the Luxembourg-based Bitstamp exchange, Bitcoin prices rose as much as 20% in Asian trading to briefly touch the $5,000 mark before settling at $4,730 by 0700 GMT, up by 14% on the day; still its biggest one-day gain since April 2018.

Ethereum’s ether and Ripple’s XRP, two other large cryptocurrencies, also jumped higher.

It was not immediately clear what was behind the rally in virtual currency prices.