Bitcoin jumps above $8000, bringing gains this week to more than 18 percent

Bitcoin climbed again Friday, reaching its highest since late March.

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The cryptocurrency briefly rose more than 6.5 percent over the last 24 hours to a high of $8,204, its highest in more than two weeks, according to Coinbase.

Bitcoin traded near $8,111 as of 11:56 a.m. ET Friday, up 18.9 percent for the week.

The gains followed a sudden spike Thursday from a low of $6,786 to above $8,000. The move forced traders who had bet against bitcoin to buy back into the market, or cover their shorts.

Other cryptocurrencies also jumped Friday. Ethereum traded about 4 percent higher, near $512, while ripple rose roughly 7 percent to 67 cents, according to CoinMarketCap.

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