Bitcoin just jumped above $8,000 and is now up 20% in one week

A visual representation of the cryptocurrency Bitcoin on December 12, 2017 in London, England.

Jordan Mansfield | Getty Images

A visual representation of the cryptocurrency Bitcoin on December 12, 2017 in London, England.

Bitcoin broke the $8,000 level for the first time in two months Tuesday following weeks of bearish sentiment and a lack of new buyers.

The world’s largest cryptocurrency surged as high as $8,342.62, and was up more than 7 percent in the last 24 hours, according to industry website CoinDesk, which tracks a number of exchanges. The last time bitcoin traded above that key level was May 23.

The digital currency is up more than 20 percent in the past week, mostly buoyed by reports of institutional investor…

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