The market capitalization of bitcoin, the world’s best known cryptocurrency, is now over $500 billion.
The price of bitcoin has surged by 600% this year from a low point of around $4000 in March, when the coronavirus pandemic triggered a deep sell-off in financial markets around the world.
Analysts said that unlike in previous surges, a major price driver appeared to be more institutional investors buying into the cryptocurrency.
In addition, the U.S. Federal Reserve, along with other central banks, has been printing money with abandon trying to stave off the worst economic effects of the pandemic while U.S. President Donald Trump has been pushing Congress to pass an even bigger relief package to allow for larger stimulus checks.