The price of bitcoin reached above $62,000 on Tuesday for the first ever time to hit a new all-time high.
The cryptocurrency has experienced massive gains over the last year, having risen in value by more than 1,000 per cent since last April.
At the time of writing, bitcoin was trading at around $62,600, according to CoinMarketCap’s price index, having peaked at $62,702.82.
Other cryptocurrencies, including ethereum (ether) and dogecoin, have seen huge price surges in recent months and are both currently trading close to their record highs.
“Bitcoin’s price has surged once again thanks to a number of factors, including new demand from institutional investors and wealth managers offering cryptoasset exposure to clients,” Simon Peters, a market analyst at eToro, told The Independent.
“Meanwhile a decline in on-exchange reserves is reducing supply as more investors move the currency to their own wallets.”
More to follow