Bitcoin jumped back above $97,000 per coin on Wednesday, suggesting renewed investor optimism around the coin after it took a plunge earlier this week.

The leading cryptocurrency touched $97,360 earlier Wednesday, but has since dipped and is now trading for $96,320, data from CoinGecko shows.

The coin was fast approaching $100,000 last week but stopped short, ultimately still hitting a new all-time high of $99,645. Over a 24-hour period, Bitcoin is now up by more than 5%.

It's not the only digital asset doing well: Ethereum's price has hit a five-month high price of $3,647. The second biggest coin is now priced at $3,625 after jumping by 9% in the past day.

Ethereum had been struggling to make the same gains as Bitcoin, but money is now flowing back into the space. Still, the coin has to climb another 25% before it beats its 2021 all-time high of $4,878.

And Dogecoin has also jumped in price. Elon Musk's favorite cryptocurrency has jumped nearly 5% and is priced at a little over $0.40, after falling below the $0.37 mark on Tuesday.

The meme coin is experiencing a surge after the Tesla CEO started talking about it again in recent weeks, including on the campaign trail while backing President-elect Donald Trump. Musk will soon start a role in Trump's administration co-leading a government agency named D.O.G.E—the Department of Government Efficiency—which has led speculators to bet even harder on the coin, which hit a three-year high price last weekend.

Broadly, the crypto market is up nearly 5% over the last day, with a collective market cap of almost $3.5 trillion.

Edited by Andrew Hayward