Bitcoin Price Shoots Up Past $5200 as Part of Three-Day Rally

The price of the cryptocurrency Bitcoin rose past $5200 by 4 pm EST Wednesday, continuing a three-day rally.

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Reports that a private buyer may have purchased more than $100 million worth of Bitcoin over a short period likely helped lift Bitcoin and other cryptocurrencies.

Other possible reasons for the surge include the crossing of an important technical level at the $4,200 price triggering a stop-loss trade.

As of Wednesday afternoon in Asia, the price of ethereum had surged 12.46 percent in 24 hours to $166.66, according to data from Coindesk. Ripple's XRP token also rose 6.55 percent to approximately $0.346.

Data from Coinmarketcap also showed that more than $84 billion had been traded in the cryptocurrency space over the last 24 hours, as of the afternoon of Asian trading hours.

Over half of all online gambling transactions are now funded via Bitcoin and other forms of cryptocurrency.