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Bitcoin-based cryptocurrency is set to hit a record high, up to $16,000 by the end of March

The price of Bitcoin has reached a new all-time high, hitting a record-high of $16.07 at press time.

The value of Bitcoin, which has surged by more than 6,000 percent over the past 24 hours, has also hit a new record, reaching $1676.47 by the time of this writing.

Bitcoin surged more than 9,000% to a new high of $15,079 in late January, before trading around $1500 a piece.

Bitcoin’s value has also risen by more then 1,000%, to more than $20,000 in the last 24 hours.

At the same time, Ethereum and Ethereum Classic have also surged, with Ethereum Classic gaining almost 8,000%.

Bitcoin and Ethereum have been at the centre of a major market downturn, with investors rushing to withdraw funds and others switching to other digital currencies.

The price is set for another surge as early March, when Bitcoin can reach an all- time high of over $30,000.