Bitcoin’s value briefly surpassed $1 trillion again on Tuesday 9th March 2021, as the price of the cryptocurrency jumped
The digital coin’s price rose on Tuesday and its market capitalization went above $1 trillion in overnight trade.
It is only the second time that Bitcoin has surpassed $1 trillion after hitting that milestone for the first time on 19th February 2021.
Bitcoin hit a 24 hour high of $54,348 – around 7% higher, but has since pared some of those gains.
Bitcoin rally
Even though bitcoin is off its all time high of $58,332, it is up over 80% in 2021 and 570% higher over the last 12 months.
Bitcoin’s rally has been attributed to several factors including participation from larger institutional investors and some notable purchases from corporations.
Tesla and Square are two of the high profile companies that have purchased bitcoin.