Bitcoin surged nearly 33 percent against the US dollar in April, marking the best month since December 2017, when the top cryptocurrency hit a record of around $20,000.
The cryptocurrency started April around $6,920 and closed at $9,240 on April 27, data from CoinMarketCap showed. That marked a jump of around 33 percent, the biggest monthly gain since December.
Markets are now looking for a breakout in Bitcoin beyond the $10,000 mark, a territory last seen in early March.
Ethereum and Ripple each jumped around 70 percent in April.
A broader measure, the MVIS CryptoCompare Digital Assets 10 Index, which tracks prices of top 10 cryptos in terms of market cap, rose 67 percent for April.
Crypto market capitalization also improved strongly in April, surpassing $400 billion mark in the last week of the month.
Bitcoin futures trading volume hit an all time high on April 25, when 19,000 Bitcoin futures contracts of different expiry dates were traded on the Cboe. That was nearly 3 times the daily average. Bitcoin futures were launched in December.
Among the many reasons behind the overall improvement in the cryptocurrency market is perhaps the notion that traders and investors are now relieved from the worries regarding tax filing.
And occasional whale sightings also played its part in steering the price of Bitcoin.
Bullish remarks from venture capitalists and hedge fund managers also boosted crypto market sentiment.
Venture capitalist Tim Draper predicted that Bitcoin could be bigger than the internet and Nasdaq CEO Adena Friedman said the bourse is open to becoming a cryptocurrency exchange over time as the regulation smooths and the crypto space gets matured.
As of 7.30 am ET on Wednesday, Bitcoin was up 1.73 percent at $9,186.02 on CoinMarketCap.
by Jyotsna V