The price of bitcoin on the CoinDesk USD Bitcoin Price Index (BPI) rose more than 10% today at its peak to a high of $494.16, up from the day's open of $444.31.
The price increase brought the value of bitcoin to its highest total since late April, nearly one month ago.
The price of bitcoin on the CoinDesk CNY BPI saw a similar spike, rising to a high of ¥3041.89, up from its opening at ¥2769.04.
At press time, prices on both the USD BPI and CNY BPI had cooled somewhat, with the price of bitcoin observed at $483.54 and ¥3010.13, a rise of roughly 8% on each index.
The first significant market movement in some time, the day's activity could be seen as yet another sign the price of bitcoin may be poised for a bull run, as some analysts have speculated.
The news follows a steady stream of positive press for the industry, including the successful Bitcoin2014 conference in Amsterdam.
That even saw major speakers such as Overstock CEO Patrick Byrne, Circle CEO Jeremy Allaire and Bitcoin Foundation chief scientist Gavin Andresen give high-profile talks that may have helped refocus the community on the larger implications of bitcoin and its potential impact on the global finance space.
China worries fade
A main driver of the decline in the price of bitcoin had been negative news from China, once one of the digital currency's largest markets.
However, in recent weeks, announcements from the country have been more positive, or at the very least, less negative.
Image via CoinDesk
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.