The see-saw continues. The price of Bitcoin has jumped to a 2-week high, amid interest from big institutions who have turned to the digital asset for investment.
This jump has seen the original cryptocurrency push back above the $1 trillion in market capitalization once again, a milestone it reached on February 19. This makes it only the second time that the value of Bitcoin has surpassed a trillion.
Bitcoin price rose on Tuesday in mid-morning trade Singapore time, as the coin extended its gains hitting a 24-hour high of $54,348.57 in early afternoon trading, making it reach 7% higher than same time a day before.
Some of these gains has since been pared.
But this is another huge rally for the digital coin that recently hit its all-time high of $58,332.36. It is up over 80% this year, and 570% higher over the last 12 months.
This latest rally has been attributed to several factors, most notably the participation from larger institutional investors, as well as purchases from corporations. Tesla, Square, MicroStrategy are among the companies that have purchased Bitcoin.
On Sunday, Chinese app maker Meitu made purchases of not just Bitcoin but Ether as well. The second most valuable cryptocurrency that runs on the Ethereum network was trading at $1836.73 — also up nearly 7% from a day before.
Goldman Sachs also recently restarted its crypto trading desk after it saw substantial demand from institutions and investors.
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