Bitcoin extended gains on Friday, climbing over 9 percent in late morning trade to $47,800, its highest level in 12 days.
The largest cryptocurrency was last up 7.9 percent at $47,263, which if maintained would be its largest one-day jump since mid-June.
Smaller coins ether and XRP, which tend to move in tandem with bitcoin, were up 7 percent and 5 percent respectively.
Joseph Edwards, head of research at Enigma Securities in London, cited spiking volumes on crypto derivatives exchanges as a possible driver for the moves. Derivatives trading often influences spot prices in bitcoin markets.