Bitcoin touched the $54,000 mark hitting a two-week high on Tuesday, March 9 due to higher institutional interest.
The cryptocurrency rose 4.3% was exchanging at about $53,900 as of 12:54 p.m. in Hong Kong. Competitor Ether likewise hopped, broadening a two-day rally in the Bloomberg Galaxy Crypto Index to some 13%.
“Bitcoin and Ethereum bullishness are back as more big-money bets keep flowing into cryptocurrencies,” Edward Moya, senior market analyst at Oanda wrote to Bloomberg. “Institutional interest still seems strong.”
Bitcoin can reach $75,000 as it is in a “strong position,” Evercore ISI strategist Rich Ross said.