Bitcoin price hits new all-time high

The price of bitcoin has hit a new record high, reaching above $36,000 for the first time in its history.

The latest gains mean the cryptocurrency now has a market cap of around $650 billion, making it more valuable than both Visa and Mastercard.

Bitcoin has been boosted by massive institutional investment in 2020, which occurred partly as a result of the economic turmoil brought about by the coronavirus pandemic.

The digital currency was trading below $5,000 as recently as March.

Other major cryptocurrencies have also seen significant price rises during this time, including ethereum (ether), litecoin and bitcoin cash.

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