Bitcoin keeps hitting new highs after Tesla backing
Much talked-about cryptocurrency bitcoin has continued to hit record highs having broken through $50,000 (£35,700) last week, BBC reports.
On Sunday, bitcoin hit another peak rising above $58,000 as it continues its strong momentum this year.
The cryptocurrency has risen more than 90% since the start of January, pushing its total market value above $1tn.
The recent spike has been fuelled by Tesla and other big companies accepting it as payment.
However, bitcoin has a track record of wild price swings and has fallen sharply a number of times since it was created in 2009.
Bitcoin started the year at roughly $28,900, according to figures from cryptocurrency news site CoinDesk.
When it broke through the $40,000 mark in early January, it triggered a downward trend that saw it drop to around $30,000 by the end of the month.
However, having passed $50,000 on 16 February, it has continued its upward momentum breaking through $58,000 on Sunday.