Bitcoin and other crypto waves. Here’s why and what happens next.

Bitcoin

and other cryptocurrencies shot higher after a rally across risk-sensitive assets created “short squeeze” dynamics that sent crypto prices soaring, delivering an uncharacteristically calm spot and its best performance in a long time.

The price of Bitcoin has climbed 7% in the past 24 hours to $20,600, with the largest crypto jumping out of the $19,000 to $20,000 range that has dominated since early September. Bitcoin had traded below $19,300 on Tuesday before prices began marching steadily higher, punctuated by massive jumps to the upside.