Bitcoin has reached a record high of $ 60,000

Cryptocurrency Bitcoin rose for the first time above $ 60,000 (£ 43,100), continuing its record run.

Bitcoin is regaining momentum again, topping $ 60K for the first time on Saturday amid optimism that the biggest name in the cryptocurrency will foster wider adoption.

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Bitcoin - which has more than tripled in value since the end of last year - has been powered by well-known companies adopting it as a method of payment.

This latest rally is partly due to the massive US stimulus package approved this week.

Bitcoin's total market cap last month exceeded $ 1 trillion.

The cryptocurrency reached an all-time high of $ 60,012 at 1149 GMT on Saturday, according to CoinMarketCap. The price in Thailand is 1.84 million baht.

However, Bitcoin has a track record of extreme price volatility and has fallen sharply several times since its inception in 2009.

Bitcoin has been on the rise since March of last year, when it reached $ 5,000, initially driven by online payment giant PayPal saying it would allow account holders to use the cryptocurrency. It crossed $ 55,000 in February but dropped as much as $ 41,000 before resuming its rally.

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• The majors have fueled the recent rallies.

In February, Elon Musk revealed that electric car maker Tesla had purchased $ 1.5 billion worth of Bitcoin and would accept it as payment for its cars in the future.

Mastercard is also planning to accept some cryptocurrencies as a form of payment while BlackRock, the world's largest asset manager, explores ways to use digital currency.

The Covid-19 pandemic has also played its role in the rise in Bitcoin prices, as more people turn to the internet to shop and turn away from coins and physical notes.

The cryptocurrency is benefiting from optimism in financial markets after US President Joe Biden signed into law a $ 1.9 trillion pandemic relief bill.

Critics argue that Bitcoin is less than an open speculative trading tool for market manipulation.

Bitcoin's resilience proves a myth. Each correction represents an opportunity to reset and restart the bullish move.

There is also concern about its environmental impact, with massive amounts of energy needed to conduct transactions.

Bitcoin rose nearly 1,000% in the last year amid signs of increased institutional interest in addition to speculative demand. Advocates defend the cryptocurrency as a store of gold-like value that could act as a hedge against inflation and a weak dollar.

But others argue that the rally is a giant stimulus-fueled bubble on its way to burst, just as it did in the 2017-2018 cryptocurrency boom and bust cycle.

What is the primary value of Bitcoin?

The base value is zero. The flow of [Bitcoin income] is zero. It is not the same as money. Most paper money has an underlying value because it pays interest. Bitcoin does not pay interest.

But industry participants and some strategists point to the takeover broadly as one of the reasons why the current difference is in the cryptocurrency's rally.

Examples include a $ 1.5 billion investment in Bitcoin by Tesla and CEO Elon Musk's endorsement of digital assets on social media. Bitcoin could reach $ 100,000 by the end of the year.

Simon Peters, an analyst at multi-asset investment platform eToro, said the imminent infusion of huge sums of stimulus money into the US economy is very important for risky assets in public assets, and crypto assets, in particular, are now open in terms of new liquidity.