Bitcoin continued its rally on Thursday, hitting a brand new record high above $111,000. The price of the flagship cryptocurrency was last higher by 3% at $111,529.78, according to Coin Metrics. Earlier, it rose as high as $111,886.41. Unlike the fast rallies to new records long-time bitcoin observers are used to, it’s been a slow climb for bitcoin in recent weeks driven by increasing institutional ownership of the digital asset and corporate adoption of it. Easing trade tensions between the U.S. and China and the Moody’s downgrade of U.S. sovereign debt, which has highlighted alternative stores of value like bitcoin, have been key catalysts this month. Bitcoin’s move has been “driven by a mix of positive momentum, growing optimism around U.S. crypto regulation, and continued interest from institutional buyers,” James Butterfill, head of research for crypto-focused asset manager CoinShares, told CNBC by email. The price rise in world’s largest cryptocurrency is taking place despite a drop in U.S. equities Wednesday, driven by a spike in Treasury yields that continued to pressure stock futures Thursday morning. Bitcoin has typically correlated with equity markets, particularly the tech-heavy Nasdaq. The diverging movements of bitcoin and stocks could be the result of investors looking for alternative stores of value. Bitcoin is now up more than 18% this year. Bitcoin ETFs have seen strong and steady inflows, with just two days of outflows so far in May, according to SoSoValue. And since the beginning of the year, the number of bitcoin held by public companies has grown 31% to about $349 billion, according to Bitcoin Treasuries. That comprises 15% of the total bitcoin supply.

Full report : Bitcoin continued its rally on Thursday, hitting a brand new record high above $111,000.