LONDON: Bitcoin on Tuesday held ground just below its highest this year, touched a day earlier, with gains for the original cryptocurrency topping 27% since Russia’s invasion of Ukraine.
Bitcoin hit $48,234 on Monday evening, its highest since December 31. It was the last trading up 0.9% at $47,553.
Its gains lifted smaller cryptocurrencies that tend to move in tandem with bitcoin. Ether, the second biggest token, hit $3,436 on Monday, its highest since early January.
Market players cited emerging signs of a new wave of adoption of crypto by institutional investors and financial firms, whose interest over the past two years has fuelled crypto’s journey to mainstream assets from niche technology.
Bitcoin has risen over 12% in the last week alone.
