Bitcoin has surged to its highest level this year in what some perhaps prematurely are arguing is a return to form for the cryptocurrency after a horrible 2018.

The price of bitcoin was trading at $4,116.65 as of 11:20 p.m. EDT, a higher level than its previous yearly high Feb. 28 and prior to that, levels last seen in November.

Why bitcoin has broken through a resistance level of $4,000 is not clear. But data reported by AMBCrypto indicated that the price spike coincides with increased levels of trading.

Although it doesn’t always force prices up, increased levels of trading can indicate an increased level of demand that can result in any given commodity increasing in price: Economics 101. Bitcoin saw a 24-hour trading volume of $11.3 billion with more than a 4% surge in volume within a day.

Oftentimes bitcoin’s price is influenced by price increases in other cryptocurrencies, but this was seemingly not the case over the weekend. While major cryptocurrencies such as Ethereum, Ripple XRP and Litecoin all showed price increases, they followed bitcoin’s lead versus the other way around.

Binance Coin, suggested by some to be the new bitcoin, rose only 1.6% in the last 24 hours but continues to be the best-performing cryptocurrency, up 185% since the beginning of the year.

NewsBTC pointed out that the current price spike in bitcoin reflects the last high in its price in February, in that the large volatility in the market entailed a sudden surge. It then noted that this was followed by a drop last time around.

Since its February high, bitcoin dropped to $3,689.86 March 5, its lowest level over the last month but still up on a yearly low of $3,360.53 Feb. 5. Bitcoin investors will be crossing their fingers now that cryptocurrency has broken through the $4,000 mark again.

Surprisingly, cryptocurrency news sites remain somewhat subdued about the prospects of bitcoin going forward. Etherum World News suggested that bitcoin needs to break through $4,400 to confirm a proper price breakout, whereas Bitcoin Exchange Guide pegs the figure at $4,500.

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