On Saturday, Bitcoin briefly rose above $60,000 for the first time, as the world’s most popular virtual currency continued its record-breaking run.

Bitcoin is up more than 2 percent from its previous year high of $58,354.14 on Feb. 21.
The cryptocurrency hit an all-time high of $60,012 at 1149 GMT before dipping back down below the $60,000 mark, according to the website CoinMarketCap.

Bitcoin’s price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc, Square Inc and MicroStrategy Inc invested in bitcoin.
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.

Bitcoin is picking up momentum once again, reclaiming a record amid optimism that the largest digital token will achieve wider adoption.