World’s largest cryptocurrency Bitcoin has on Saturday hit a new high as it surpassed above $60,000 for the first time.
According to reports, Bitcoin continued its record-breaking run after it surged above $60,000.
Earlier, the cryptocurrency’s value had crossed $50,000. Since the beginning of January, its value has increased by more than 90% and its total market value has reached one trillion dollars.
The reason for the recent rise in price is the acceptance of payments in this currency by Tesla and other major companies.
However, bitcoin has seen sharp fluctuations in prices since its introduction in 2009.
Bitcoin had started the year with about 28,900, according to figures from the cryptocurrency news site CoinDesk.
Then in January alone, its value exceeded 40,000 US dollars. But then at the end of January, it started to decline and at the end of the month, its price dropped to 30 thousand US dollars.
It picked up again and on February 16 it crossed the 50,000 marks and continued to grow at a record high of $58,000 on Sunday.
The rise in the value of bitcoin is largely due to well-known companies that have started accepting payments in this currency.
Also, giant electric car-maker Tesla had bought $1.5 billion worth of Bitcoin and its value soared to an all-time high, breaking above $43,000 apiece after Tesla bought $1.5bn of the cryptocurrency.
The world’s largest cryptocurrency was trading 15% higher at $44,141 after Tesla’s announcement.