Bitcoin Market Value Tops $1T as Price Passes $53,697

Bitcoin's total market value passed $1 trillion for the first time Friday as the leading cryptocurrency traded at new record highs above $53,697.65, per the CoinDesk Bitcoin Price Index.

• The price of bitcoin rose to a new all-time high of $53,739.48 Friday morning as its total value past the 13-digit landmark, up roughly 3.6% in the last 24 hours.
• Bitcoin has gained nearly 80% year to date, and the bullish market cycle isn't showing signs of peaking.
• "Sure there are speculative excesses, like in all bull markets," Bloomberg senior commodity strategist Mike McGlone told CoinDesk in an email. "But the bitcoin tide is rising on the back of it becoming a global digital reserve asset."
• The trillion-dollar market value comes after a flurry of new institutional investor interest from public companies like Tesla buying $1.5 billion in bitcoin, leading financial institutions like Deutsche Bank and BNY Mellon announcing crypto custody offerings, and bitcoin-laden business intelligence company MicroStrategy flush with $1.05 billion in fresh cash to buy even more of the cryptocurrency, per CoinDesk's prior reporting.
• Bitcoin had a market value of $178 billion a year ago, according to TradingView data.