Bitcoin rises for 6th day in a row as institutional money flows $85 million, Shiba coin up nearly 55%

The price of Bitcoin (BitfinexUSD) continued to climb in early Asian trading on Tuesday, standing at $44,057 per coin at press time, as the cryptocurrency has risen for six straight sessions, its longest streak since last September, according to quotes from Invesco Investing.com.

The cryptocurrency market appears to have resurfaced with life, with inflows from institutional investors amounting to $85 million last week, CoinShares reported Monday. In addition to Bitcoin, other cryptocurrencies are also performing well. Among the top few coins in terms of market capitalization, Ether is up 17.38% cumulatively, Dogcoin is up 16.62% cumulatively, Shiba Coin is up 54.43% cumulatively, and XRP is also up 40.82% cumulatively over the past seven trading days.

Market analysis suggests that the current round of upturn in the cryptocurrency market is mainly due to the fact that investors are quietly beginning to test the waters back as risky assets return after previous volatility, but there is still a high degree of uncertainty in this market as monetary policy from major global central banks, including the Federal Reserve, remains tight this year.