Bitcoin climbed above $8,000, extending its longest winning streak since 2013 and giving fresh momentum to a cryptocurrency market that crashed only last year.
Just hours after leaping 25% on Monday with no apparent explanation, the largest digital token added as much as 5.9% on Tuesday. That helped push the crypto universe’s total market value to almost $250 billion — a level not seen since last August — as the 10 most-traded tokens also advanced.
Speculation over what’s behind the early-May surge runs from a possible squeeze on short positions to investor relief that recent hackings and scandals are getting resolved without disrupting the broader market. Crypto enthusiasts point to a long-standing claim — that their assets have become a haven during market turbulence.