Bitcoin price surges past $34,000 for first time

The price of bitcoin has continued its meteoric rise, surpassing $30,000 for the first time over the weekend.

The digital currency breached the milestone on Saturday and peaked at a record $34,366.15 yesterday morning, before dropping below $34,000 last night.

The world’s biggest cryptocurrency is up by about 360 per cent in the past 12 months, with a 75 per cent rise in the past month alone. It crossed $20,000 for the first time only two weeks ago.

Its price has soared amid greater interest from large investors and fears about inflation after central banks introduced stimulus packages designed to protect economies amid the Covid-19 pandemic.

Cryptocurrencies exist as strings of computer code and have no physical form. Bitcoin was developed by Satoshi Nakamoto, a

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