See Why Bitcoin Spiked Above $9,000, As Ethereum Goes Higher

The Bitcoin price, which had a stable trend over the recent weeks has spiked high again reaching $9,097 per bitcoin on the Luxembourg-based Bitstamp exchange, though it failed to hold onto the gains when it went lower immediately.

Bitcoin, despite being the most widely traded cryptocurrency with trading volume into the billions of dollars every day, still struggles with wild price swings due to so-called market whales moving large volumes of bitcoin at above or below the current market value.

The sudden rise, and subsequent retreat, in the bitcoin price comes after a widely read report suggesting the ongoing U.S China trade war could eventually cause bitcoin, ethereum, and other major cryptocurrencies to rise.

Ethereum, meanwhile, has been surging over the last 24 hour trading period, up 6%, boosted by a significant increase in the number of daily transactions on its network.

Ethereum transactions have surged to their highest level since early February 2018, according to reports, while activity level on the ethereum blockchain is nearing levels last seen when the ethereum price was at its all-time highs in January 2018.