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Bitcoin soared to an all-time high well above $62,000 on Tuesday, taking year-to-date gains to more than 110%, as the remarkable rally in the world's biggest cryptocurrency showed no signs of slowing.
The cryptocurrency rose as much as 4.8% to hit $62,734, well above the last all-time high of just over $61,700 seen in March. It then pared gains slightly to trade at around $62,594 at 4.45 a.m. ET.
Analysts say huge amounts of stimulus from both central banks and governments have powered bitcoin's meteoric rise, which has seen the cryptocurrency soar more than 800% over the last year.
In recent months, adoption by a growing number of big players has added legitimacy to bitcoin and the crypto world and helped drive the price higher.
Tesla, BNY Mellon, Mastercard, BlackRock and JPMorgan are just some of the companies that are getting involved in cryptocurrencies one way or another.
Matt Blom, head of sales at Nasdaq-listed digital asset company Diginex, said that "$70,000 is the new target for the bulls."
He added: "Every month this year has so far registered a new all-time high."
Bitcoin investors are this week focused on crypto exchange Coinbase's direct listing on the Nasdaq on Wednesday.
It's set to be the first listing of a major crypto company, with Coinbase pulling in about $1.8 billion in revenue in the first quarter of 2021. The exchange said in March that private-market transactions valued it at about $68 billion.
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