On Saturday, Bitcoin surged past $60,000 as the cryptocurrency rally continues to surge.

As of 7:25 AM EST on Saturday, Bitcoin was at $60, 415.34, according to Coinbase. Over the past 12 months, Bitcoin is up 963 percent, and its market capitalization is well above $1 trillion.

The massive surge in Bitcoin has been driven by institutional and corporate interest in cryptocurrency. Last month, Tesla purchased $1.5 billion in Bitcoin and hopes to accept the cryptocurrency as payment for its products.

Mastercard, PayPal, and BNY Mellon have also started to explore new uses for cryptocurrencies. There has been scrutiny that Bitcoin is in another bubble. In late 2017, the cryptocurrency surged to $20,000 before losing 80 percent of its value.

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Economics, Finance and Investing