The cryptocurrency climbed more than five percent on Saturday, reaching $60,200 on Binance, the largest cryptocurrency exchange in terms of trading volume.
The price surge comes as the US begins distributing checks as part of a massive $1.9 trillion stimulus package. Analysts and investors have speculated that many Americans may use the cash to invest in bitcoin.
On Tuesday, the market value of bitcoin surpassed $1 trillion for the second time in history.
Bitcoin has been trending upwards following a market correction that sent its price spiraling downwards at the end of February.
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