Bitcoin soared on Friday to its highest level since mid-September, buoyed by supportive comments from US Federal Reserve Chairman Jerome Powell on Thursday.
Testifying before Congress, Powell said that the Fed has no intention of banning cryptocurrencies, in response to a question from Representative Ted Budd.
Analysts also said that October is usually a bullish month for digital assets, with September historically a bearish period for the sector.
Smaller coins Ether and XRP, which tend to move in tandem with Bitcoin, are up 10.1% at $3,301 and 8.5% at $1.0326, respectively.
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