Bitcoin's market capitalization reached $1 trillion on Friday as its price climbed to a new record high level just below $55,000.
The cryptocurrency hit a new record high level of $54,790 at 4:42 p.m.GMT, after it surpassed the $50,000 mark Tuesday for the first time in historys, according to trading data.
Bitcoin, the world's biggest virtual coin by market value, saw its price rise by 89% since January 1st when it was $28,933. It has increased 660% since the beginning of 2020 when it was just $7,208.
The latest feat comes as major US companies have recently announced shifting assets to Bitcoin to diversify portfolios and warm to cryptocurrencies.
On Thursay, U.S. Treasury Secretary Janet Yellen warned investors that they "should be very careful" in the markets.
Pointing out to the low interest rate environment, she said "while valuations are very high, price earnings, tight multiples tend to be high."
Yellen, who is the former Federal Reserve Chair, said she views Bitcoin as a "highly speculative asset."
