Bitcoin set a new all-time record as it surpassed the $27,000 mark, according to trading data. On Binance, the largest cryptocurrency exchange by trading volume, Bitcoin was trading at $27,215, as of 06:01 GMT on Sunday.
According to CoinMarketCap, an aggregator that compiles data from more than 20 brokers, Bitcoin was trading at $27,232 as of 09:05 GMT, a 9.85 percent increase over the preceding 24 hours.
Later in the day, the cryptocurrency reached $28,000.
Bitcoin was launched in 2009, as the first cryptocurrency to use a decentralised blockchain-based network, which allows secure peer-to-peer transactions. Its value is based on a "mining" process, and the currency is not subject to any central bank policies or regulations.
At the moment, Bitcoin accounts for approximately 65.6 percent of the world's cryptocurrency market.