Bitcoin has passed $30,000 in value for the first time, continuing a recent sharp rise, the BBC reports.

The virtual cryptocurrency hit $30,823.30 at 13:13 GMT on Saturday, just weeks after soaring above $20,000 for the first time.

In the past year Bitcoin has almost quadrupled in value thanks to interest from large investors looking for rapid profits.

Some analysts think it could rise even further as the US dollar drops further.

While the value of the US currency rose in March at the start of the coronavirus pandemic as investors sought safety amid the uncertainty, it has since dropped due to major stimulus from the US Federal Reserve. The currency ended last year with its biggest annual loss since 2017.

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