ISTANBUL

The price of Bitcoin jumped more than 5% to over $73,000 on Tuesday, reaching its highest level in nearly eight months and close to a record high.

Bitcoin reached as high as $73,567, a daily increase of more than 5.3%. The world's largest cryptocurrency was last trading above the $73,000 level in mid-March, when it hit an all-time record of $73,750.

Ethereum, the world's largest altcoin, hit as high as $2,679 on Tuesday with a daily gain of over 6.2%. Some prices of altcoins rose by more than 20%.

The value of the cryptocurrency market stood at $2.45 trillion, up 7.16% from the previous session. Bitcoin's share, known as dominance, was at 58.8%. Ethereum's was at 13%, according to CoinMarketCap.

The rally in cryptocurrencies came a week before the highly anticipated US presidential election as investors' optimism is building amid hopes of regulatory loosening on cryptos regardless of the race’s outcome.