Bitcoin is suddenly soaring and smashing indexes

Bitcoin has roared into the second quarter of the year, jumping above $7,000 per Bitcoin and rising almost 15% over the last 24 hours.

The Bitcoin price, which last month fell to under $4,000 in the aftermath of the coronavirus-induced broad market crash, has rallied hard since its lows—with many seeing it going far higher over the course of the year.

The Bitcoin price has failed to act as a so-called safe-haven asset during the coronavirus crisis. The bitcoin price hit $7,236 on the Luxembourg-based bitcoin and cryptocurrency exchange earlier today before falling back under $7,000. The reason behind bitcoin’s sudden rally wasn’t immediately clear.

However, bitcoin’s rally over the last few days puts it way ahead of U.S. market gains, with the Dow Jones Industrial Average, the S&P 500 and the tech-heavy Nasdaq all treading water after data showed over 6 million Americans filed for unemployment benefits last week due to the coronavirus shutdown.

For the first quarter of the year, bitcoin recorded heavy losses but didn’t perform as badly as the major U.S. indexes.