Bitcoin’s sudden jump propels Cryptocurrency above US$5,000

Bitcoin is emerging as a popular trading currency. (AFP pic)

HONG KONG: Bitcoin climbed suddenly on Tuesday to the highest level since November, shattering a three-month stretch of calm for the world’s most popular virtual currency.

It advanced as much as 23% to US$5,078.52 as of 1pm in Hong Kong, according to Bloomberg composite pricing. Rival coins including Ether, Ripple and Litecoin also jumped.

While sudden swings in Bitcoin are nothing new, trading in the virtual currency has been unusually subdued this year as investors weighed the prospects for more mainstream adoption after last year’s 74 % crash.