Volatile cryptocurrency bitcoin (BTC) rose above the $13,000 level early on Wednesday morning before plummeting more than 6% down to $12,340 in late morning trading.
The digital currency rose as high as $13,154 in the Asian trading hours, its highest level since June 27. Bitcoin prices have more than tripled since the beginning of this year after suffering a brutal decline that begin in late 2017 and persisted throughout 2018.
Bitcoin's market share of the entire crypto market has risen to a more than two-year high of 65%, according to CoinMarketCap.
"Bitcoin and crypto are hypervolatile assets and it will likely be the nature of these network value-based assets until a large enough ecosystem of holders is created," said Thomas Lee, co-founder of Fundstrat Global. "The recent rise is due to a myriad of factors, which we have written about many times this year -- a checklist shows crypto winter is over."
Lee has cited technical trading factors and a significant rise in interest among institutional investors as reasons for the rise in cryptocurrency prices this year.