Bitcoin market hits $1.0 trillion in value

(Photo: Reuters)

Bitcoin has hit a market value of $1 trillion.

As per a report, speculators, corporate treasurers and institutional investors are thought to have stoked Bitcoin’s volatile ascent.

Bitcoin traded at around $51,300 as of 1:30 p.m. on Friday in Hong Kong after quintupling in the past year. The crypto index’s performance towers over stocks, gold, commodities and bonds in 2021.

In December last year, the value of bitcoin rose over 6 per cent to $20, 676, an all-time high recorded in three years.

Bitcoin’s prior peak in 2017 reached after frenzied buying by retail investors from Japan to the United States, saw the cryptocurrency gain over 250 percent in just 35 days before losing 70 percent of its value in less than two months after its December 2017 high.

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