By Liz Moyer
Investing.com -- Bitcoin has reached a $1 trillion market value after soaring above $53,690 on Friday morning.
Coindesk said Bitcoin reached $53,739 earlier and is up 80% so far this year after gaining 300% in 2020. In the early afternoon, it was trading above $55,100.
The stunning rise in the cryptocurrency comes after companies and institutional investors have warmed up to it. Earlier this month, Tesla Inc (NASDAQ:TSLA) said it bought $1.5 billion of it, and other companies such as Bank of New York Mellon (NYSE:BK) are opening up to transactions for clients.
Bitcoins market value a year ago was $178 billion, according to Coindesk, citing TradeView data.