At $61k, Bitcoin hits another record, leaves other asset classes trailing

Bitcoin is up about 1,000% in the past year amid signs of increasing institutional interest as well as speculative demand

Bitcoin topped $60,000 for the first time as the stimulus-fueled rally of the past year prompts investors to ignore signs of a speculative fervor.

The original cryptocurrency was at $61,080 as of 5:35 p.m. New York time, bouncing back from a rout at the end of February following a previous peak set that month. It’s benefiting from optimism in financial markets after President Joe Biden signed the $1.9 trillion pandemic-relief bill into law.

After ending last year with a fourth-quarter surge of 170% to around $29,000, Bitcoin jumped to $40,000 seven days later. It took just a little more than