Bitcoin's value reaches an all-time high

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The value of Bitcoin has hit an all-time high.

The cryptocurrency hit $62,000 on Tuesday (13.04.21) for the first ever time, having witnessed a massive spike in value since the start of the coronavirus crisis.

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 cryptoasset exposure to clients."

In recent months, other well-known cryptocurrencies - such as ethereum and dogecoin - have also seen a dramatic increase in value.

ethereum and dogecoin are, in fact, currently trading close to their record highs, as an increasing number of investors turn their attention towards the cryptocurrency market.

Meanwhile, Nigel Green, the CEO of the financial advisory firm deVere, recently suggested that Bitcoin could be on the cusp of a major breakthrough.

The finance expert claimed that the cryptocurrency could soon achieve sustainable success

He said: "Bitcoin has been on an epic rally since last October. Almost week-on-week, the price has been smashing through barrier after barrier, reaching new highs.

"However, this momentum has been slowing down ... This temporary bitcoin price slowdown could trigger a new surge in institutional investment, leading to prices going up permanently."