Bitcoin rallied by over 4 percent Monday, ending a volatile week of trading that saw it fall by more than 6 percent.
It also climbed more than 10 percent in the week ended Sept. 29.
The cryptocurrency has surged nearly 1,000 percent this year, to a value of $16,937 at Monday’s close, according to CoinDesk.
It has more than doubled in value since the end of the year.
It’s been a volatile year for the cryptocurrency, which has struggled to gain widespread acceptance in the world of financial transactions.
Bitcoin was the most popular digital currency last year, with nearly 90 percent of the market cap.
But as of Tuesday, that had dwindled to just 3 percent of all trading volume.
The surge Monday marked the first time in the last five weeks that bitcoin traded below $15,000 for the first two days of trading.
In comparison, on Friday it was trading at more than $18,000.
Bitcoin’s rally has been driven by a surge in demand from investors eager to hedge against volatility in the financial markets.
The cryptocurrency has gained momentum in the face of a slowdown in global economic growth.
Last week, bitcoin futures traded at about $8,000, after a rally of more than 4 percent last week, according the CoinDesk exchange tracker.
The rally comes as China has been cracking down on trading in cryptocurrencies, including trading by institutional investors and individuals.
Bitcoin, a virtual currency that operates on a peer-to-peer network, has been a hot topic in China, where it has been on the rise.
The currency has also been attracting the attention of regulators who have stepped up enforcement efforts in recent weeks.