Bitcoin hits $1 trillion in market value as cryptocurrency surge continues

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CNBC: Bitcoin’s market value surpassed $1 trillion on Friday, according to Coindesk.

The digital currency was trading at just under $54,000 per coin Friday as it hit the new level, and rose above $55,000 later in the session for a daily gain of more than 6%, according to Coin Metrics. The price of bitcoin has now gained about 360% over the past six months. Before the recent surge, the digital asset has never traded above $20,000.

Bitcoin traded at around $10,000 per coin a year ago.

The move has been fueled in part by increased adoption of bitcoin by major investors and companies. The oldest bank in the United States, the Bank of New York Mellon, announced earlier this month that it was moving into the space. Elon Musk’s Tesla converted some of its balance sheet cash into bitcoin earlier this year and said it would start accepting the digital tokens as payment.

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