Bitcoin nudged the $40,000 level yesterday at $39,999, helping to inflate the value of the cryptocurrency market above $1 trillion for the first time.
The digital currency hit a new record with a rise of 7 per cent, or $2,604.36, to $39,414.98, having broken the $37,000 barrier earlier in the day.
It hit a previous high of $34,800 on Sunday, which was also the 12th anniversary of the bitcoin network being created. Bitcoin first breached the $20,000 mark in mid-December.
Its supporters say the rally validates its status as a store of wealth, although detractors claim that the market is a bubble destined to burst.
Other cryptocurrencies have risen in Bitcoin’s wake and the value of the market, which includes ethereum, exceeded $1 trillion for