Cryptocurrencies rose Thursday morning as new inflation data for December was in line with expectations.

Since Wednesday afternoon, the world's largest cryptocurrency, Bitcoin (BTC 3.99%), has traded roughly 3.3% higher and had topped $18,000 as of 10:12 a.m. ET yesterday.

Cryptocurrencies have very little intrinsic value in the sense that a long track record of market participants valuing these assets using a generally agreed upon set of fundamental variables does not exist.