Bitcoin briefly topped $24,000 on Wednesday for the first time in over a month.
The prices of many digital currencies have started to rise again in recent days after falling sharply before. Investors seem to be willing to take more risk with cryptocurrency investments.
Bitcoin rose more than 4% to hit $24,275 but then fell back below $24,000. The biggest and most well-known cryptocurrency has gained almost 20% in one week. The price also benefited from rising equity markets as fears of a recession were allayed by sharp interest rate hikes from central banks. Ether, the second largest cryptocurrency, has also risen significantly over the past seven days.
At the start of the year, bitcoin was still worth over $47,000, but by mid-June its price had dropped below $18,000. Last November, the digital currency hit an all-time high of over $68,000.