Bitcoin prices hit a three-month high in the Asian trading session on Tuesday morning, reaching $47,000 for the first time since mid-May.
Other cryptocurrencies besides Bitcoin are also on the rise. In addition to Bitcoin, which is up 17 percent from last week, Dash, Ether and Litecoin are up more than 5 percent.
Ethereum, which has long traded in the range of $2300-2600, rose to $3173 during the day.
The Bloomberg Crypto Index, created by a calculation of the weights of digital currencies, also rose 8.1 percent from last week, the highest level since May.