Bitcoin’s value has again surpassed $1 trillion as the price of the leading cryptocurrency continues to rise.
The digital coin’s price rose, and its market capitalization went above $1 trillion in Asian trading Tuesday, according to CoinDesk. Bitcoin hit a high of $54,348.57 U.S., around 7% higher than the price a day before.
It is only the second time that Bitcoin’s value has surpassed a $1 trillion after hitting that milestone for the first time on February 19. Bitcoin’s market capitalization held above $1 trillion for a few days, before sliding below that historic mark.
Although Bitcoin is sitting off of its all-time-high of $58,332.36, it has seen a huge rally in the past year. The digital currency is up over 80% year-to-date and 570% higher over the last 12 months.
Bitcoin’s rally has been attributed to growing participation among institutional investors and some notable purchases from corporations such as Tesla (NASDAQ:TSLA), Square (NYSE:SQ) and Microstrategy (NASDAQ:MSTR).