Bitcoin has soared by almost half this year, surpassing the $10,000 mark for the first time since October.
And it's got crypto analysts puzzled.
They're split on whether the rise is driven by unique factors, or just its latest bout of volatility.
Bitcoin's 11-year history is riddled with with fast ascents and equally rapid plunges.
In 2017, it rose three and a half times in just 35 days to reach almost $20,000.
before slumping 70% in seven weeks.
Such wild swings are why bitcoin faces a struggle to become a functioning currency.
This time around though, some market players are pointing to drivers not seen before.
They say tech factors, expectations for mainstream acceptance and macroeconomic trends are leading markets to look again at bitcoin's worth.
Analysts though are mostly united on one factor: an upcoming cut to the supply of bitcoin.
A 50% cut in the production of the cryptocurrency is due in May
and is one of the few clear events known to materially impact price.
A rule written into bitcoin's underlying code slashes the number of new coins awarded to the miners behind the global supply of bitcoin.