Bitcoin's rally gains steam as it surges above $US7000

Bitcoin climbed to its highest mark since September, jumping over $US7,500 ($10,865) at one stage, as a rally in cryptocurrencies gathered pace in weekend trading.

Bitcoin advanced 12 per cent from Friday to $US7,033.41 at midday AEST, having earlier hit $US7,585, according to Bitstamp pricing. The Bloomberg Galaxy Crypto Index is up 7.6 per cent.

The largest cryptocurrency is on a tear after trading closer to $US5,000 at the start of May and has more than doubled since mid-December. Still, it remains a long way off its 2017 peak that topped $US19,000. In 2018, cryptocurrencies slumped, with Bitcoin and its peers tumbling throughout the year. It ended last year at $US3829, or about 80 per cent off its peak.

After three months of relative calm to start 2019, Bitcoin surged at the start of April and has continued to climb as investors waded back in.

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Source: Bitcoin’s rally gains steam as it surges above $US7000