Investing.com -

Investing.com - Bitcoin prices rallied to hit the highest level in more than two weeks on Wednesday, as increased appetite for the virtual currency boosted prices.

Bitcoin (BTC/USD) touched a session high of $397.36 on Slovenia-based BitStamp earlier in the day, the most since October 16.

Prices last traded at $397.02 during U.S. morning hours, up $28.27, or 7.67%.

The price of a bitcoin on Bulgaria-based BTC-e added $29.81, or 8.21%, to trade at $392.81, while prices on Singapore-based itBit advanced $20.94, or 5.58%, to trade at $395.94.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency rallied 7.75% to trade at $395.44.

Bitcoin prices have been well-supported in recent sessions as investors returned to the market amid bullish chart signals.

Prices of the virtual currency are up nearly 20% since hitting a recent low of $317.80 on November 1.

The price increase has been accompanied by a rise in trading volume and coincides with the recent crackdown of U.S. and European authorities against illegal websites operating on the so-called Tor network, such as online drug marketplace Silk Road 2.0.

Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) tacked on 18.00, or 6.12%, to trade at 312.00 on U.S.-based Kraken Exchange.

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Bitcoin re-approaches the $400-level as market sentiment improves