. Bitcoin rose strongly on Tuesday. It is now on track for a fifth straight day of gains in a rally that has brought the cryptocurrency within striking distance of its previous all-time high.
The digital currency traded at $54,206, up 3.3 percent in a broad supportive risk rally. It climbed to a record high of $58,354.14 on February 21. (*)Bitcoin’s rise of around 87 percent has been more than that of other asset classes this year. This is partly due to bitcoin being accepted as a payment method. (*)Shares of crypto miners Riot Blockchain Inc. and Marathon Digital Holdings Inc shot up 22% and 22%, respectively, on Tuesday due to bitcoin’s surge. (*) Companies have used bitcoin’s strength in recent weeks to raise hundreds of million dollars in funding, taking advantage of improved market sentiment. (*)On Tuesday, Silvergate Capital Corp, a bitcoin bank, launched a $300 million program for selling shares. This is less than two months after it raised equity. Meanwhile, MicroStrategy Inc, a business intelligence software company, recently issued notes to help fund additional bitcoin purchases. (*)