Bitcoin hits $55.000

Bitcoin jumped to a nearly five-month high above $55,000 on Wednesday, extending its rally from the previous day as institutions jumped in to try to catch the wave.  

The cryptocurrency traded 7.6% higher at $54,873.02, according to Coin Metrics. Ether also rose 2.8% to $3,575.73.

Bitcoin rose as high as $55,499 earlier in the session. It’s up 13% this week alone and 87% for the year.

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