The cryptocurrency has been increasingly in demand over the past year though investors have had a rocky ride in the past.

Bitcoin has topped $30,000 for the first time extending a rally that saw its value climb by 300% in 2020.

The cryptocurrency rose to as high as $31,824 early on Saturday – just two weeks after passing the $20,000 mark.

Its rise has been attributed to traders increasingly betting on it becoming a mainstream payment method.

Investors have also been attracted by the potential for quick gains.

Some also saw it as a safe-haven store of value during the pandemic – like gold, an asset which traditionally rises during times of wider market volatility.

In previous years, investors had a bumpy ride as it climbed to around $20,000 in 2017 before slumping 80%.

Bitcoin is the most valuable and popular of a range of digital currencies and some have suggested it could pass $100,000 this year – but others dismiss such predictions as outlandish.

By Isaac

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