It’s a happy new year for holders of bitcoin, with the value of a single coin surging past the $34,000 mark on Sunday.

The cryptocurrency entered the New year wth a bang, reaching an all-time high of $30,000 on 2 January.

The pandemic, and growing institutional investor activity in the market, has put rocket boosters under bitcoin. The currency rose by 300% in 2020, passing its previous record valyue of $20,000 in December

The sharp rise is being aided and abetted by Federal Reerve stimulus efforts which has seen investors taking shelter from a faltering US dollar.

The soaring price has raised concerns that Bitcoin is due for a dramatic correction, as happened three years ago when the value collapsed after a bull run.