Bitcoin hit a two-year high above $57,000 in Asia trade on Tuesday, February 27, on signs of heavy institutional buying, while smaller rival ether topped $3,200 for the first time in two years.
Bitcoin has rallied more than 10 per cent in two sessions, helped by a Monday disclosure from crypto investor and software firm MicroStrategy that it had recently purchased about 3,000 bitcoins for an outlay of $155 million.
The original and largest cryptocurrency by market value has also been buoyed recently by the approval of bitcoin-owning Exchange-Traded Funds (ETFs) in the United States.
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On Monday, trading volumes in several of the funds spiked and crypto-linked firms rallied too, in contrast to nervous broader markets, according to Reuters.
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