Bitcoin prices on Sunday were nearing a psychological milestone of around $ 50,000.
The weekend move brought the world's leading digital asset to a new record high of $ 49,716.44 for the virtual market, according to CoinDesk.
The higher momentum has resulted in a year-to-date increase of over 64% compared to a 2.8% increase in the Dow Jones Industrial Average
an increase of 4.8% for the S&P 500 index
and rally 9.4% for the Nasdaq Composite Index
so far in 2021.
While there isn't any specific news that will help increase profits for bitcoins, the rally comes as the asset appears to be gaining traction and increasing awareness in the traditional investment community.
Over the weekend, Bloomberg News reported, citing people familiar that a Morgan Stanley
The investment management unit Counterpoint Global looked into buying cryptos for their investors.
This report comes after the Wall Street Journal announced earlier last week that the Bank of New York would hold, transfer, and issue Mellon, BK, Bitcoin, and other cryptocurrencies on behalf of its customers.
"Digital assets are becoming part of the mainstream," Roman Regelman, managing director of BNY Mellon's asset service and digital business, told WSJ.
In addition, Mastercard last Wednesday
said it would support certain cryptocurrencies on its network later that year, and Tesla Inc.
said it bought $ 1.5 billion worth of bitcoin and would eventually allow customers to use the cryptocurrency to purchase its products.
Read: Why did Tesla buy Bitcoin?
See also: Why is Dogecoin falling? The crypto has fallen 20% since its record on Monday
PayPal Holdings Inc.
The cryptocurrency platform was opened to all US customers in November after a closer rollout.
Several high profile Wall Street investors, including Stanley Druckermiller and Paul Tudor Jones, have also chosen Bitcoin. Famous investor Bill Miller, founder of Miller Value Partners, recently confirmed his optimistic outlook on Bitcoin in a letter to customers.
However, recent developments do not guarantee uninterrupted growth for bitcoins and other cryptos. In late 2017, the price of almost $ 20,000 bitcoin saw an epic breakdown, slipping to around $ 3,000 in value before bouncing back years later.
Bullish investors also point out that further gains for the asset may depend on regulators' assistance in establishing clear investor protection and rules on the use of cryptos, which are sometimes viewed as a tool for scammers rather than a medium of exchange and store of value like gold