Cryptocurrency: Bitcoin Surges To Life-Time High, Surpasses $60,000 Mark

Continuing with its meteoric surge, cryptocurrency Bitcoin yesterday (13 March) surpassed $60,000 levels for the first time, touching an all-time high of $60,012, reports Moneycontrol.

It should be noted that just in March last year, Bitcoin was trading at around $5,000. However, over the year, corporate heavyweights including online payments giant PayPal and Elon Musk-led electric carmaker Tesla have come out throwing their weight behind the cryptocurrency.

Twitter's chief Jack Dorsey and rapper Jay-Z have also announced the creation of a fund to make Bitcoin "the internet's currency".

Others such entities to have joined the bandwagon include global payments behemoth Mastercard and Wall Street giant BNY Mellon.

It should be noted that Bitcoins are traded via a decentralised registry technology known as a blockchain. It requires massive computer processing power to manage and implement transactions. This computing power is provided by "miners", who do so in the hope they will receive new bitcoins for validating transaction data.