Bitcoin eclipses $1 trillion market valuation

Bitcoin surpassed a $1 trillion market valuation for the first time on Friday, adding to a year of record growth.

In March 2020, a single bitcoin was valued at less than $5,000, but nearly a year later, the cryptocurrency has skyrocketed more than 900%, trading above $50,000 since Wednesday. That surge has been fueled by increased mainstream attention and big institutional market movers — when Bitcoin enthusiast Elon Musk’s Tesla disclosed earlier this month that it had invested $1.5 billion in the cryptocurrency, the value surged nearly 9% in a matter of hours.