The price of Bitcoin has soared and its market value has exceeded one trillion US dollars

Cryptocurrency Weekly Gains Reach 14%, Up 60% in February

Bitcoin hit a record high on Friday, with its market capitalization surpassing $1 trillion for the first time.

Bitcoin rose 6.4% during Friday trading, reaching an all-time high above $55,000, and is on track for a weekly gain of around 14%.

According to data from CoinMarketCap, Bitcoin's market capitalization — the total value of all Bitcoins in circulation — surged past $1 trillion.

On Wednesday, Bitcoin broke through the $50,000 mark for the first time, continuing to attract interest from mainstream investors and gaining recognition from financial institutions.

Bitcoin has seen rapid growth in 2021, rising more than 60% in February alone.

In recent weeks, Bitcoin’s popularity has been further boosted by high-profile purchases from Tesla, the electric vehicle company led by billionaire Elon Musk. Meanwhile, U.S. bank Morgan Stanley stated that its investment funds are considering making large Bitcoin purchases.

In early February, Tesla revealed that it had purchased $1.5 billion worth of Bitcoin and indicated it may begin accepting cryptocurrency payments soon, which helped drive up Bitcoin’s value.

Musk has frequently expressed his support for cryptocurrency on Twitter. With global interest rates remaining at historic lows, some investors have turned to cryptocurrencies. On Friday, Musk tweeted that Bitcoin is a “less dumb form of liquidity than cash.”