Bitcoin rose above $60,000 for the first time on Saturday. The most popular cryptocurrency around the globe is breaking records this year.
At 11:49 GMT, Bitcoin hit an all-time high of $60,012, according to CoinDesk 20.
In March of last year, Bitcoin was standing at only $5,000, which later skyrocketed after PayPal, an online payment giant, suggested that it would allow account holders to use cryptocurrency. Elon Musk, CEO of Tesla, also showed interest in Bitcoin, and later Tesla invested $1.5 billion in the coin. This resulted in an increase in Bitcoin price, but later, was dropped under $50,000.
With the launch of Bitcoin back in 2009, the coin skyrocketed in December 2017 to $20,000 from its worth of $1,000 in January. However, the Bitcoin bubble was burst after sinking in October 2018 under $5,000.
After all these events, this year has shown a promised growth in the popular cryptocurrency as it has been showing steady growth during a global pandemic.
Bitcoin is traded via a decentralized registry system known as a blockchain, and the system used to manage and implement transactions requires a lot of computer processing power. “Miners” are the key in this process as they provide power in the hope that they will receive new bitcoins for validating transaction data. This way, managing bitcoins in random places ensures that the currency cannot be tracked by third parties, like Government agencies.