The price of bitcoin has eclipsed its previous 2020 high, surpassing the $12,800 level according to market data.

Coinbase price data shows that the price of bitcoin hit $12,874 on the U.S.-based exchange service. Per TradingView, numerous markets surpassed $12,800, with Bybit reaching $12,900. The chart below, drawing on data from Bitstamp, shows a price high of $12,865.

At press time, bitcoin is trading hands on Coinbase at roughly $12,724 and Bitstamp at $12,710, according to current market data.

On a longer-term scale, the price of bitcoin was last at this level in mid-July of last year. 

Earlier on Wednesday, payments services giant PayPal announced that it would support the buying and selling of cryptocurrencies, including bitcoin. As part of the process, PayPal has received a conditional license from the New York State Department of Financial Services.