Bitcoin is surging higher.
The cryptocurrency is trading at a new all-time high of $8,093.83 per coin and at its highest in over a year, with the cryptocurrency up nearly 6% in the past 24 hours.
The digital currency is also gaining ground on gold, as its price is up nearly 20%.
Bitcoin is on its way to becoming the most valuable asset in the world, according a new report by Bloomberg Intelligence.
The report, which analyzed data from five different cryptocurrencies and data from a variety of financial institutions, estimates that the value of bitcoin could reach $1.7 trillion by the end of the year.
According to the report, bitcoin could surpass the value in 2012 of $1,100, which is the peak price at which the currency was trading in December 2011.
The value of gold could reach around $3,500 per ounce in 2020.
The report also found that Bitcoin has grown by more than 30% over the past year.
The virtual currency has gained over 70% in value, reaching an all-new all- time high on Friday.
The latest surge in the cryptocurrency could be due to the strong US dollar, which has been in freefall for months.
Bitcoin has lost nearly 20% of its value in the last year, according the report.
“The dollar is now at its lowest point since the 2008 financial crisis,” the report said.
“The US dollar has lost more than 40% of value against other currencies in the year since the Brexit vote and is still down more than 15% from its all-year peak.”