Bitcoin hits Top level In Last Week as Big -money Bets flow

Bitcoin rallied to two-week hits as a risk-on sentiment up rise following selloffs in more high-risk corners of the financial market. The digital data rose as much as 5.7% before cutting some gains to trade at $53,747. Ether -- the world's second-largest cryptocurrency -- hiked as much as 3.8%. The gains money of broader risk-on optimism, with the 100 Index recovering from a decline, pushed the tech index to a correction level.

Bitcoin prices have been buoyed by news of institutional adoption, fuelling the crypto proponent's argument that experienced financial experts are rushing to gain manifestation to the token. At the same time, another viewpoint stands that the digital data is a stimulus-fuelled bubble destined to burst like its 2017-2018 high and bust cycle.

Bitcoin adoption among institutions increases, citing data that insurers have more than $1 billion in Bitcoin-related exposure on its platform. According to a financial analyst report, technical analysis is also supportive of higher prices, who said Bitcoin could reach $75,000.

Bitcoin has risen about 87 percent this year, broadly outperforming conventional asset classes, partly due to broader acceptance as a form of payment. The currency was trading up 3.3 percent at $54,206 amidst a broadly support risk rally, increasing toward a record high of $58,354.14. Bitcoin's surge fuelled gains in related stocks, sending shares of cryptocurrency miners Riot Blockchain Inc. and Marathon Digital Holdings Inc. soaring 28 percent and 22 percent, respectively.

In recent weeks, companies have taken the benefits of bitcoin's strength to raise hundreds of millions of dollars in funding, capitalizing on increasing market sentiment. Earlier in the session, the cryptocurrency had touched a two-week high against the dollar. The market value of the world's biggest cryptocurrency has once again crossed $1tn.

The rally comes as bitcoin continues to recover from a recent pullback. Bitcoin reached a new all-time high above $58,000 in late February before dropping to below $44,000. The world's biggest cryptocurrency has seen its price rebound since the start of the month. Bitcoin is very much out of the trouble zone now as the price has broken most of its obstacles. The next target for the Bitcoin price is really the all-time high, and from there onwards, the journey will begin towards a new target of 70K.

Since last October, Bitcoin has rallied over 350%, spurred higher by a wave of institutional investor adoption. Mainstream financial services companies are also getting involved — UK asset manager Ruffer has put 3% of its assets into bitcoin. Goldman Sachs (GS) is restarting its trading desk for cryptocurrency. The bitcoin could be at a "tipping point," although the bank's research note has since faced criticism over its sourcing and data accuracy.

The cryptocurrency has been through some wild gyrations and currently sits about $4,500 off a record of $58,350 achieved. It's up almost 600% in the past year, a rally that dwarfs more traditional assets. To know more about Bitcoin, you can read our blogs and do comment to share reviews and information.