Bitcoin, the largest cryptocurrency by market capitalization, briefly broke the $9,000 resistance level Thursday afternoon the first time since May 2018.
Soon after the cryptocurrency broke through $9,000, it shed $500 as per data provided by crypto exchange Coinbase. At last check, it was trading at $8,573 per coin.
The volatile asset has been on a tear since the beginning of the year, nearly tripling in value from its bottom below $3,200 at the end of 2018.
It's not exactly clear what has been behind bitcoin's impressive price action. Still, there have been some positive signs, including the entrance of larger players into the market, such as Fidelity and Intercontinental Exchange.
Options trading suggest the price of bitcoin could surge even higher. LedgerX co-founder Juthica Chou said in a tweet current trading of June $10,000 calls implies a "roughly 70% chance we touch $10k in the next 30 days."