Bitcoin value hits $1 trillion mark

Earlier today it was reported that Bitcoin's value had climbed above $52,000. Later in the day, it soared to $54,182.

Tesla has made an investment of $1.5 billion in Bitcoin under the changed policy. (REUTERS)

The cryptocurrency market hit a record high on late Friday evening as the value of Bitcoin touched the $1 trillion mark.

Bitcoin zoomed to another record pinnacle at $54,182, which means that the combined value of Bitcoin now stands at $1.002 trillion, as per a Coinmarketcap.com report.

Notably, the past week has been spectacular for the cryptocurrency market, which has been booming ever since Tesla CEO Elon Musk started showing his support for cryptocurrency. The SpaceX CEO changed his Twitter profile to “#bitcoin” earlier this month, which caused an almost 16% surge in the value of cryptocurrency with the valuation of Bitcoin being around $33,600 on February 1 at 2 PM as per Tokyo time.

Soon after, Musk turned his attention to Dogecoin, which not surged its value but also that of Bitcoin. This buzz helped Bitcoin to reach the $40,000 mark in the second of February. The news followed Tesla's investment of $1.5 billion in Bitcoin under the changed policy.

Optimism in Bitcoin grew after Mastercard and Bank of New York Mellon made it easier for customers to use cryptocurrencies. 

This record-breaking streak continued in the third week of February as well. Earlier this week, Bitcoin's value jumped as much as 4.9% to $50,548. These numbers kept increasing steadily as Bitcoin's value first rose almost 6% to about $51,431 and then a Bloomberg report said that the value of one of the most popular cryptocurrencies had climbed above $52,000 before it soared to $54,182 later in the day.