According to Coin desk website, this year Bitcoin put the gain at almost $5,000, although by 17:00 GMT the price had drifted lower to $33,000.

Last year bitcoin soared 300% amid the price of many other digital currencies rising sharply.

The second biggest cryptocurrency Ethereum gained 465% in 2020.

As per some analysts’ point of view, by the US dollar drops further Bitcoin's value could rise even further.

Recently the digital currency has won growing support as a form of online payment, with PayPal which is the most recent adopter of digital currencies.

The cryptocurrency has proved to be a volatile investment.

At the start of Pandemic, the value of US currency rose in March as investors sought safety due to uncertainty and dropped to major stimulus from the US Federal Reserve.

Digital currency ended last year with its biggest annual loss since 2017.