Bitcoin Surges Higher in Fresh Rally, Narrows Gap to Record High

Bitcoin rose strongly on Tuesday, on course to gain for a fifth straight day, in a rally that has left the cryptocurrency within touching distance of an all-time high hit last month.

The digital currency was trading up 3.3 percent at $54,206 (roughly Rs. 39.5 lakhs) amidst a broadly supportive risk rally, climbing toward a record high of $58,354.14 (roughly Rs. 42.6 lakhs) seen on February 21.

Bitcoin has risen about 87 percent this year, broadly outperforming conventional asset classes, partly due to broader acceptance as a form of payment.

On Tuesday, Bitcoin’s surge fueled gains in related stocks, sending shares of cryptocurrency miners Riot Blockchain and Marathon Digital Holdings soaring 28 percent and 22 percent, respectively.

In recent weeks, companies have taken advantage of bitcoin’s strength to raise hundreds of millions of dollars in funding, capitalising on improved market sentiment.

Bitcoin bank Silvergate Capital on Tuesday launched a $300 million (roughly Rs. 2,190 crores) programme to sell shares, less than two months since it raised equity, while business intelligence software company MicroStrategy recently issued notes in order to fund more bitcoin purchases.

© Thomson Reuters 2021

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