Bitcoin price hits all-time high as cryptocurrency soars 1,000% in a year

THE price of bitcoin has hit a record high as the interest in cryptocurrency continues to grow.

Bitcoin has soared above $62,000 (£45,000) for the first time, according to CoinMarketCap's price index.

The latest surge means the price of bitcoin has more than doubled in price in the last year and comes amid major interest in cryptocurrencies.

Well known companies such as PayPal, Tesla and Square have backed the cryptocurrency in recent months.

But there have also bee warning around scams related to cryptocurrencies, and prices can fall as well as rise very quickly.

Coinbase, a company which lets you buy and sell bitcoin and other cryptocurrencies, is set to list its shares on the Nasdaq stock exchange this week.

It's the first cryptocurrency trading platform to go public and is seen as a major milestone in the crypto world.

Bitcoin hit previous highs in February, when Tesla announced it would soon be allowing customers to make purchases using Bitcoin.

That announcement came with the revelation that the Elon Musk controlled firm had also invested $1.5 billion in Bitcoin itself.

Bitcoin is also being embraced by the traditional finance world.

Both Mastercard and BNY Mellon, America's oldest bank, have announced their plans to incorporate Bitcoin into their multi-billion dollar businesses.

Mastercard said they would begin allowing their platform to support Bitcoin payments this year, while BNY Mellon went a step further and said they will be transferring and issuing the cryptocurrency.

More to follow…

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