Bitcoin extended its advance this week, breaking above $ 55,000 and sparking speculation that the largest cryptocurrency could put the record set last month to the test. The token was up 2.8% on Wednesday and was trading at around $ 55,600 as of 9:23 am in Hong Kong. The broader Bloomberg Galaxy Crypto Index jumped to a two-week high amid a more general improvement in investor sentiment after US stocks surged Tuesday. Chris Weston, Research Director at Pepperstone Group Ltd. In a note: "It would not be surprising to see the price launch an attack on the February high of $ 58,350." There has been increasing talk about institutional interest in Bitcoin and the possibility that US stimulus operations could drive flows into financial markets combined to boost cryptocurrencies. The digital token has risen almost 600% in the last year, dividing opinion on whether there will be a risky bubble or a bigger bullish wave in the future. Bitcoin's recent bullish move came as "the United States passed the stimulus bill and thanks to the purchase of Bitcoin by MicroStrategy and Meitu," said Annabel Huang of crypto financial services firm Amber Group. "We have seen an increase in interest levels from institutional players around the world," she added. "In China a lot of high net worth people were asking how to add Bitcoin to their wallet. Recent trends indicate that digital tokens are close to conventional funding. For example, JPMorgan Chase & Co has come forward to issue notes tied to a basket of crypto stocks like MicroStrategy Inc. and Nvidia Corp. Goldman Sachs Group Inc. said It is experiencing high demand from institutions as it is working to restart the cryptocurrency trading desk. .