Bitcoin soars 20 percent, mystery buyer seen as catalyst

LONDON - Bitcoin burst to its highest level in almost five months on Tuesday, sending smaller cryptocurrencies up, with analysts ascribing the move to a major order by an anonymous buyer that triggered a frenzy of computer-driven trading.

Oliver von Landsberg-Sadie, chief executive of London-based cryptocurrency firm BCB Group, said the move was likely triggered by an algorithmic order worth about $100 million spread across major exchanges - U.S.-based Coinbase and Kraken, and Luxembourg-based Bitstamp. Outsized price moves of the kind rarely seen in traditional markets are common in cryptocurrency markets, where liquidity is thin and prices highly opaque.

Price moves of smaller coins tend to be correlated to bitcoin, which still accounts for just over half of the value of the cryptocurrency market.

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