Bitcoin surged nearly 10 percent to $24,057 on Wednesday, adding a significant $1,846 to its previous close. The world's biggest and best-known cryptocurrency is currently up 45.8 percent from the year's low of $16,496 on January 1.
![Bitcoin Bitcoin](https://data.ibtimes.sg/en/full/61958/bitcoin.jpg?w=600)
"Bitcoin hovered above the $24,000 level after trading lower for several days. This surge is due to investors liquidating their positions, pushing the price higher. Compared to its low point a month ago, BTC has increased by 61%. In the past 24 hours alone, BTC surged by more than 11%, reaching this level for the first time in two weeks," said Edul Patel, Co-founder and CEO at Mudrex said, according to ET.
Momentum Likely to Continue
"If bullish investors maintain their momentum, BTC may reach US$25,000 soon. Overall, there is bullish sentiment in the market," analyst said.
![Ethereum and bitcoin Ethereum and bitcoin](https://data.ibtimes.sg/en/full/61756/ethereum-and-bitcoin.png?w=736)
Other top cryptocurrencies also traded higher. While Polygon surged 9.6 percent, Solana, Cardano, Shiba Inu and BNB also posted gains. The global cryptocurrency market cap hit $1.11 trillion, climbing nearly 8 percent in the last 24 hours. Ether rose 6.91% to $1,664 on Wednesday.
Analysts said Bitcoin is in for more gains. "Should the fractal play out, there is a strong possibility for a rally in Bitcoin price. Considering a similar 68.5% rise in value this time, BTC would climb to $41,256 by the end of the following month," FX Street said in a report.