Bitcoin, the world’s most prominent cryptocurrency, surged on Tuesday, breaking through the $50,000 mark for the first time in four weeks and posting gains this month on rising institutional interest, most recently 2.6% higher at $50,498.
Less prominent coins, which tend to reflect the price of bitcoin, also rose, with ether up 1.5% to $3,434 and XRP up 2.2% to $1.0656.
Market analysts attributed the rise in institutional cryptoservices provided by banks and financial institutions to rising investor demand, which has been a factor in the rise of Bitcoin.
U.S. Bancorp recently launched a cryptocurrency depository service for institutional investment managers who own private funds in the United States and the Cayman Islands.
On the other hand, Bank of America released its initial research on cryptocurrencies and related digital assets, while other major financial institutions stepped up their exposure to the asset class.
Investment flows into the sector were bullish except for a few sluggish months in the summer.
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