Bitcoin price hits all-time high as crypto market surges 3 weeks ago

Bitcoin price hits all-time high as crypto market surges

The price of the cryptocurrency has hit $62,000

The price of bitcoin hit a record high on Tuesday, as the crypto market continues to experience a boom. Over the past 12 months bitcoin has risen in value by more than 1,000 per cent, and at the time of writing the price of one bitcoin stands at $62,673 (£45,589) according to CoinDesk.

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Other cryptocurrencies such as ethereum and dogecoin have also seen surges in price and are close to hitting record highs.

Simon Peters, a market analyst at eToro, told The Independent: “Bitcoin’s price has surged once again thanks to a number of factors, including new demand from institutional investors and wealth managers offering crypto-asset exposure to clients.

“Meanwhile a decline in on-exchange reserves is reducing supply as more investors move the currency to their own wallets.”

The surge in prices across the market comes as one of the world's largest cryptocurrency exchanges, Coinbase, gets ready to go public. The platform was apparently used by Tesla in its recent purchase of $1.5 billion worth of bitcoin, along with a number of other major investors.

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Coinbase will become the first company specialising in cryptocurrencies to launch on the stock market, and some are predicting that it could be valued at around $100 billion.

Nick Spanos, co-founder of smart contract platform Zap.org, said that the debut of Coinbase is exciting for both "mainstream market investors as well as crypto market enthusiasts." Spanos went on to say that the platform will "open the gates for more conservative investors to embrace the coin, and perhaps other digital assets."