On Wednesday, November 10, Bitcoin hit an all-time high of £51,431.41, before the price tumbled throughout the day.

Bitcoin hit its previous record on October 21, at a value of £49,548.04.

At 2:16pm, the coin surged to £51,431.41 after days of rising close to its previous record.

However, after reaching the milestone, Bitcoin hit a low of £48,656.87 at around 8pm according to CoinDesk.

Prices of the coin skyrocketed by about 4 percent within about 45 minutes of the US Labor Department’s monthly consumer price index report, which showed consumer prices rose about 6.2 percent in October on a yearly basis.

Ethereum also touched new highs, peaking at around £3,627.19 according to CoinDesk.

On Monday, the crypto reached its all-time highest price of £3,521.26.

Nigel Green, CEO of wealth advisory deVere Group, said in a recent note investors have taken to cryptocurrencies as a hedge against longer-term inflation concerns.

He said: “These emergency measures, like the massive money-printing agenda, reduce the value of traditional currencies like the dollar.”

READ MORE: Bitcoin SOARS to new high – but will it last? Expert predictions

It comes as Twitter hired Tess Rinearson to lead the new Twitter Crypto team and “set the strategy for the future of crypto at (and on) Twitter”.

The company told the Financial Times Twitter Crypto is designed to be “a centre of excellence for all things blockchain and web3”, referring to the term given to the growing number of decentralised apps that run on public blockchains.

They said: “We’re exploring ways to incorporate decentralised technologies into our products and infrastructure.”

Twitter added in the short term it was exploring payments, ways for people creating content to earn crypto, and the “decentralisation of social media”.

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Mikkel Morch, executive director at crypto hedge fund ARK36, said a $70,000 (£51,652.65) price for Bitcoin now “seems imminent”.

He told CNBC: “Importantly, the uptick doesn’t seem to be leverage-driven but rather results from the increased demand on the spot market where there’s currently very little sell-side liquidity.”

Bitcoin is currently the number one crypto with a market capitalisation of over $1 trillion (£737.785 billion).

Ethereum is in second place with a market cap of $535 billion (£394,714,975,000).

STICPAY, global e-wallet provider, also called on world leaders and financial institutions at COP26 to make the shift to cryptocurrencies to reduce the impact of physical, fiat currencies on the planet.

James Bay, Customer Service Director at STICPAY, said: “The energy and natural resources used to produce physical currencies is something that is not talked about or taken seriously enough.

“Whether currencies are paper, plastic, or a combination of metals, there is a vast trail of resource intensive production that goes into the physical notes and coins we hold in our wallets.

“Digital payment solutions remove the need for physical currency and so we believe that leaders wanting to make a real difference to our planet at COP26 should start to legislate for a move away from physical currencies.”

Previously, Bitcoin has been criticised for its energy consumption in the past, with its electricity consumption nearing the all-time highs seen in May, according to Cambridge University data.