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The price of bitcoin has moved up sharply over the last 24 hours

The price of bitcoin has moved up sharply over the last 24 hours, mirroring a trend in recent years to  rise in value .
The market surge took the cryptocurrencu above $7,500 (£5,700) for the first time since the start of December, adding $7 billion to its overall market cap.

It remains a long way off the highs of around $13,000 over the summer - and the all-time record of close to $20,000 in 2017 - but is a significant improvement from the start of the year, when bitcoin was trading below $4,000.

The seasonal boost was predicted earlier this month, after research from digital currency exchange SFOX revealed that bitcoin has experienced positive market movements in the build-up to US holidays.

Similar price increases occurred in the run up to the Fourth of July holiday earlier this year, as well as Labour Day in September and Thanksgiving in November.