17:47 GMT20 January 2021
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    The cryptocurrency has broken all-time records since the beginning of December, its price surging past its 2017 results, amid the weakening of the US dollar.

    Bitcoin spiked to over $33,000 on Saturday, rallying over 10 percent to yet another record high within hours after hitting the $30,000 psychological watershed.

    According to CoinMarketCap website, which calculates the average off more than 20 exchanges, the cryptocurrency was trading at $32,408 by 16:41 GMT. Binance, a major crypto exchange, had the world's most popular cryptocurrency peak 12.28 percent at over $33,000 before dipping to $32,875.

    Earlier in the day, Bitcoin reached a new high, trading at $30,000 on Saturday. CoinMarketCap stated that at 12:21 GMT Bitcoin grew 2.50 percent to $30,094 US, while on Binance, the largest crypto exchange by transaction volume, it gained 2.85 percent, reaching $30,145.

    Later in the day, the price surpassed $31,000, but then fell back to $30,900.

    The cryptocurrency reached $19,650 in December 2017 and then lost most of its value, falling below $4,000 in November 2018. However, it started regaining ground over the past years.

    Representations of virtual currency Bitcoin are seen in this picture illustration taken taken March 13, 2020.
    © REUTERS / Dado Ruvic
    Representations of virtual currency Bitcoin are seen in this picture illustration taken taken March 13, 2020.

    Launched in 2009, Bitcoin was the first cryptocurrency to use a decentralised blockchain-based network. At the moment, it accounts for approximately 71 percent of the world's rising cryptocurrency market. Its value is based on a "mining" process, so BitCoin is not subject to any central bank policies or regulations.

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    cryptocurrencies, cryptocurrency, Bitcoin, Bitcoin
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