Bitcoin hits fresh high | Reuters

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FILE PHOTO: A representation of the virtual currency Bitcoin can be seen in this illustration from November 19, 2020. REUTERS / Dado Ruvic / Illustration / File Photo

(Reuters) – Bitcoin continued to advance on Sunday, making new highs and extending a two-month rally with market cap above $ 1 trillion on Friday.

The world’s most popular cryptocurrency rose to a record $ 58,354, increasing its weekly profit to around 20%. It’s up 100% this year.

Bitcoin’s profits have been fueled by evidence of adoption by mainstream investors and companies like Tesla Inc, Mastercard Inc, and BNY Mellon.

Reporting by Megan Davies in New York; Edited by Daniel Wallis