Bitcoin price passes $5,000 as remarkable surge continues for a second day

Cryptocurrency analysts say $6,000 is on the horizon

Bitcoin’s latest price gains come after a year of significant losses (Getty)

The price of bitcoin has passed $5,000 (£3,800) as the remarkable resurgence of the cryptocurrency continues on for a second day.

It marks the highest value bitcoin has traded at in 2019 and represents a jump of around $1,000 since the start of the week.

Other cryptocurrencies to benefit from this recent revival include ethereum, ripple, litecoin and bitcoin cash, which have all seen gains of between 10 per cent and 45 per cent.

Despite the latest price rises, the cryptocurrency market still remains a long way off the peaks of late 2017 and early 2018, when bitcoin was trading close to $20,000.

Cryptocurrency experts have raced to pinpoint a reason for the market turnaround but have so far struggled, with theories ranging from a major buyer placing a big order, to an April Fool's joke gone awry.

"Bitcoin has sprung back to life on a new wave of momentum," said Simon Peters, an analyst at the online trading platform eToro.

"Breaking above the $5,000 psychological barrier means bitcoin's next resistance level is due for recalibration. The new resistance level of $6,000, where price held for months last year, is now in play. What happens next will be crucial."