The value of the entire cryptocurrency market, which is made up of Bitcoin and other digital coins, has surpassed $1 trillion for the first time, according to data from Coinmarketcap.
Bitcoin rose above $37,700 U.S., a new record high, and lifted the value of the cryptocurrency market above $1 trillion. The digital coin hit an all-time high of $37,739.08 in Asian trading just a few hours after surpassing $36,000 for the first time.
Bitcoin is now up 29% since the start of 2021, and in the past 12 months has surged more than 380%.
Bitcoin’s resurgence has been attributed to a number of factors, including more buying from institutional investors. High profile investors such as Paul Tudor Jones, for example, have been buying Bitcoin.
Many Bitcoin bulls say the cryptocurrency is akin to "digital gold," a potential safe haven asset and a hedge against inflation. In a recent research note, JPMorgan Chase said Bitcoin could hit $146,000 in the long term as it competes with gold as an alternative currency.
However, some Bitcoin critics such as David Rosenberg, economist at Rosenberg Research, have called Bitcoin a "bubble" and warned investors against buying speculative cryptocurrencies.
