Elizabeth Howcroft and Tom Wilson

LONDON, (Reuters) – Tuesday’s close was just below the highest point this year. It had been touched a day before, and gains for original cryptocurrency reached 27% after Russia invaded Ukraine.

Bitcoin reached $48,234 Monday night, the highest level since Dec. 31. Last trading was 0.9%, at $47.553.

These gains helped smaller cryptocurrency that move with bitcoin. On Monday, Ether, which is the second most popular token, climbed to $3,436 – its highest point since early January.

The market participants cited signs emerging of institutional investors’ and financial firm adoptions of crypto. This interest has fuelled the crypto’s rise to mainstream from niche technology.

Over 12% has been achieved in Bitcoin’s last week.

BlackRock Inc (NYSE :)’s chief Executive said that last week, the Russia-Ukraine War could result in digital currencies being used to settle international transactions.

These moves indicate “growing conviction” that crypto markets merit more resources, said Noelle Acheson of U.S.-based crypto firm Genesis.

Although bitcoin and other cryptocurrency are often mentioned in the same breath with traditional assets such as stocks or foreign currency to bonds, it remains volatile.

Bitcoin reached an all-time peak of $69,000 in November before plummeting almost 30% within 24 hours.