Bitcoin's market cap crosses $1 trillion milestone for the first time

Bitcoin's market capitalization has crossed the $1 trillion milestone for the first time after over a decade's development as it gains increasing mainstream attention.

Bitcoin's price set new record highs above $53,700 around 15:45 UTC on Friday following a 4.1% 24-hour increase. It comes just days after it surpassed $50,000 for the first time.

Data from CoinGecko shows the circulating supply of bitcoin is around 18.63 million units as of writing, which, at the current price level, are worth $1 trillion.

The price movements follow an increasing number of investments into the asset class from mainstream institutions.

Tesla said in early February that it invested $1.5 billion in bitcoin in January as part of its treasury policy and said it may accept bitcoin as a payment method for its electronic cars.

MicroStrategy, the NASDAQ-listed business intelligence software company, first made headlines in August when it disclosed that it purchased 21,454 BTC using existing cash on its balance sheet at the time.

The firm closed a $650 million debt financing in December with the proceeds to buy additional bitcoin. It just announced on Friday that it has completed another issuance of senior debts raising $1.05 billion in order to buy more bitcoin.