The virtual currency bitcoin hit a record high of $10.534 on Wednesday, as investors began to rally from fears it would tumble into the black after the Federal Reserve cut interest rates last week.
The value of the digital currency rose nearly 10% in the hour after the U.S. central bank announcement, before falling back to about $10 a share in midafternoon trading.
The digital currency was trading at around $10 and was the fourth-highest single-day price on Wall Street in a span of several hours.
It was also the second-highest in a day, trailing only bitcoin’s $11,936 high on Wednesday.
Bitcoin, which has become a popular alternative to traditional currencies like the U, British and European Union, has gained traction as it trades at lower prices than currencies such as the U’s euro and the U-denominated yen.
Investors are also eager for more exposure to digital currencies.
Bitcoin is traded online in a decentralized, open-source, peer-to-peer network called BitcoinCash, which allows for faster and more efficient transactions.
It’s also used to buy and sell physical goods online.