Bitcoin, the world’s biggest cryptocurrency, on Saturday reached a new record high, breaking above the $60,000 milestone in a matter of minutes.
After a period of drops and consolidation since Mid-February, Bitcoin has found its mojo as investors have remained keen on using the digital asset to hedge against potential inflation as the U.S government begins to roll out fiscal stimulus.
READ MORE: Bitcoin At $60k Now Within Sight As Winning Streak Extends To Seventh Day
Bitcoin surged as high as 6 percent to reach $60,310 around 1:28 pm WAT, beating its previous record of $58,310, and now has a market cap of over $1.2 trillion according to data from coinmarketcap.com.
The token is now up over 106 percent year-to-date, far outperforming any traditional asset, and closing in on Gooogle to take its spot as the 7th largest asset by market capitalization.
Bitcoin's quick rise caused the liquidation of over $100 million in short positions in a matter of minutes, according to a tweet from Glassnode co-founder and CTO Rafael Schultze-Kraft.
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