Bitcoin gained 5.01% to $51,711.21 on Tuesday, closing at $2,469.07 above its previous closing price.
Similarly, Ether, the coin linked to Ethereum’s blockchain network, rose 4.54% to $3,537.56, adding $153.68 to its previous closing price.
The latest development showed that Bitcoin has passed the $50,000 mark for the first time in four weeks.
Market participants and experts, however, believe that the recent turn in events in Bitcoin and other cryptocurrencies is being facilitated by the increase in institutional crypto services provided by banks and financial institutions, which are moving to meet investor demand, increase investment flows, and, undoubtedly, more supportive statements by regulators toward the cryptocurrency.
CoinDesk said Tuesday that Bitcoin posted a 25% gain and Ether a 32% gain in the third quarter.
Kraken Intelligence, a research blog run by the Kraken cryptocurrency exchange, showed that the fourth quarter of 2021 remains the best quarter in Bitcoin history, with the cryptocurrency posting average and median returns of 119% and 58%, respectively.
For more information, read the original story in Reuters.