The rise is remarkable because there has been quite a bit of unfavorable news about Bitcoin in recent weeks.
By 12:45 GMT, Bitcoin was trading up eight percent on the day, around $5,200 on Luxembourg-based exchange Bitstamp.
What are your expectations from the ongoing Bitcoin boom?
Data released last week from SEMrush, a search engine data analytics firm, found the price had a 91 percent correlation with Google searches on bitcoin, suggesting that all news - whether negative or positive - drives up demand, even if bad news can have a temporary negative effect. In addition, the Chinese regulators also imposed ban on Initial Coin Offerings (ICOs).
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A healthy ICO market creates demand for Bitcoin because Bitcoin is often used as an intermediary currency for token sales. For a small transaction fee, customers can buy and sell bitcoin, ethereum, and litecoin - three of the most popular cryptocurrencies - using conventional payment options such as credit cards and bank drafts. Most are unaware that in future people will not spend a single Bitcoin.
So, why is this rise being witnessed in the cryptocurrency world? Anyone who owned one Bitcoin before the fork owned one Bitcoin after the fork and one unit of Bitcoin Cash.
Now, however, that will no longer be a problem, because Coinbase announced on Thursday that it is beginning to roll out the ability to buy bitcoin, ether, and litecoin instantly, noting on their blog that this "has been a highly requested feature".
A Bitcoin and dollar notes are seen in this illustration picture taken on September 27, 2017. "For bitcoin no such fundamentals exist".
Bitcoin is now the most-valuable cryptocurrency, with a market cap of over $93 billion at the time of writing this article. Speculators may be bidding up Bitcoin's price in anticipation of greater demand from Wall Street in the coming months.