Since the beginning of this year, the price of Bitcoin has more than doubled.
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Bitcoin rose as much as 5% during trading — and its price has more than doubled since the beginning of this year. Last month, the cryptocurrency hit $60,000, largely due to Tesla‘s decision to buy $1.5 billion worth of Bitcoin for its balance sheet, the news wire reports.
The rally comes as Coinbase received approval from the SEC earlier this month to list its Class A common stock on Wednesday. The cryptocurrency exchange platform filed for a listing back on Feb. 25.
Cryptocurrency has received a boost from several high-profile backers. In addition to buying Bitcoin, Tesla announced that it would accept the digital currency as payment. Visa and PayPal said they would also let customers settle payments using cryptocurrencies.
As of this writing, one Bitcoin is worth about $63,485.