Bitcoin set a new all-time high this morning after breaking the $50,000 barrier on Tuesday night, data from markets tool CoinGecko shows. The asset saw a record price of $51,421 after a sudden surge from the $49,000 price level last night. It had earlier set a high price in the $50,450 region on Tuesday-a move that quickly retraced within minutes at the time. But one key indicator is back on the right side for Bitcoin bulls, according to Cryptoquant CEO Ki Young Ju. Yesterday he noted that there was a negative premium on Coinbase, meaning prices were lower there than in the rest of the market. He argued that this would need to change for the cryptocurrency to rise further. Today, Ju pointed out that the premium has returned, showing a strong desire for Bitcoin by Coinbase's institutional traders. "$BTC Coinbase Premium looks good after breaking 50k. We can go higher now," he tweeted.

The move comes a day after business analytics firm MicroStrategy announced it would sell $600 million worth of convertible notes in an upcoming offering and use the proceeds to buy Bitcoin. Such a purchase would add to its big warchest of 71,079 BTC (valued at $3.7 billion at press time). Meanwhile, the euphoria runs high among crypto circles. Some industry participants say that institutions getting involved in the Bitcoin space mean a better long-term fundamentals for the volatile asset.