Bitcoin climbed to a fresh 2019 high, approaching the $6,000 level for the first time since November. The largest digital coin climbed as much as 4.7 per cent to $5,961 as of 9:25 am in London, according to Bloomberg composite pricing. Most of the other highly traded tokens were up as well, though they lagged Bitcoin.

The world’s most-followed cryptocurrency has been drawing attention from technical analysts and conventional investment firms as it claws its way back from last years 74 per cent plunge that took it below $4,000.

“Bitcoin is testing new near-term highs because the overall institutional involvement is becoming stronger,” Jehan Chu, managing partner at Kenetic Capital, said in a telephonic conversation from Hong Kong. Fidelity Investments, which began a custody service to store Bitcoin earlier this year, plans to buy and sell it for institutional customers within a few weeks, according to a person familiar with the matter.

Fidelity alone doesn’t move the entire needle, but Fidelity with E*Trade and Ameritrade and Robin Hood and a whole host, said Chu, whose firm is a blockchain investment and advisory company. “You’re seeing a critical mass of these types of asset managers and brokers providing retail exposure and retail access to crypto.”

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