Bitcoin crosses $30,000 for the first time as it charges into 2021

Bitcoin crosses $30,000 for the first time as it charges into 2021

Bitcoin set a new record Saturday when the price of the digital currency passed $30,000.

The blockchain incumbent has been surging in recent weeks, passing the $20,000 price point a little over two weeks ago and edging toward $25,000 on Christmas day.

Bitcoin has grown significantly over the last year as it's drawn in more interest from institutional and retail investors, some of whom view digital coins as a safe haven during the coronavirus pandemic. 

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The price of bitcoin crossed $30,000 for the first time on Saturday as the digital currency continued its rally into the new year. 

Bitcoin reached a high of $33,136.92, a spike of around 14% over the last 24 hours.

The cryptocurrency has been breaking record-after-record in recent days, passing the $20,000 price point a little over two weeks ago and edging toward $25,000 on Christmas day. Its current market cap is about $611 billion.

Bitcoin's value grew over 300% last year as more institutional investors decided to embrace digital currencies. Companies like PayPal added support for cryptocurrency transactions, and some retail investors turned to digital coins as a safe haven (like gold) during the coronavirus pandemic. 

Investors aren't sure yet whether bitcoin's recent rise will impact the