On Friday, Bitcoin surged to as much as $18,766.79, its highest since December 2017, after gaining 17 percent this week and more than 160 percent so far. Enthusiasts of digital currency continued to bet on it over expectations that it could soon exceed its all-time peak of just under $20,000.
The world's largest cryptocurrency by market value has seen major correction and boom since 2017. However, the fascination with bitcoin has worn out among small investors and the media.
Now that bitcoin market has a functioning derivatives market and custody services by established financial institutions, large investors are considering the form of investment.
Large firms like Fidelity Investments and Japan's Nomura Holdings Inc have started safeguarding bitcoins and other cryptocurrencies for institutional investors.
"Today bitcoin has gotten to a place where institutional investors, banks, and family offices are legitimately pondering involvement as a defence against currency devaluation," Alex Mashinsky, chief executive officer at Celsius Network, a crypto lending platform was quoted saying in a Reuters report.
He added that the rally in bitcoin was led by retail investors who were early adopters.