Bitcoin, the largest cryptocurrency, reached the $19,000 level earlier today on the Bitstamp exchange.
The flagship coin has managed to add another 5% over the last 24 hours.
It is believed that the risk-on sentiment of other markets fueled the most recent cryptocurrency rally.
Jake Gordon of Bespoke Investment Group recently told Bloomberg that the largest cryptocurrency seems to be trading with stocks and other risk assets.
The tech-savvy Nasdaq index, which typically trades in tandem with Bitcoin, is also in the green after experiencing some volatility due fresh inflation data that was released earlier today.
The market appears to be pleased with the December consumer price index (CPI) report that showed cooling inflation.
Gordon also took note of the fact that Bitcoin has finally ended a long streak of range-bound trading.
However, it remains to be seen whether the ongoing rally will end up being sustainable.
The market, however, has to be prepared for more volatility, with major banks announcing their earnings on Friday.