The value of bitcoin, the world’s best known cryptocurrency, has reached an all-time high of more than $20,000.
The cryptocurrency rose by more than 6% on Wednesday to reach $20,632 (£15,283) against the US dollar, extending a winning streak this year amid growing interest among big investment companies attracted to its potential for quick gains.
The price of bitcoin has surged by more than 400% this year from a low point of around $3,600 in March, when the coronavirus pandemic triggered a deep sell-off in financial markets around the world.
Analysts said that unlike in previous surges, a major price driver appeared to be more institutional investors buying into the cryptocurrency.
Nigel Green, the chief executive of deVere Group, a finance company which operates a bitcoin exchange, said: “They’re being attracted by the good returns that the digital asset class is currently offering but, more importantly, by the huge future potential…