Bitcoin's value exceeds a trillion dollars again
Bitcoin's digital coin surged on Tuesday, and its market value rose above $ 1 trillion in mid-morning Singapore time trading, according to CoinDesk data.
Bitcoin extended those gains to a 24-hour high of $ 54,348 in the early afternoon Singapore time, up about 7 percent from the same time the previous day.
Since then, Bitcoin has trimmed some of these gains.
This marks only the second time that Bitcoin has exceeded a trillion dollars in value after it reached the milestone for the first time on February 19.
The market value of Bitcoin stabilized above a trillion dollars for a few days, before dropping below this level.
Although Bitcoin fell from an all-time high of $ 58,332, it did see a significant rise.
The digital currency has risen by more than 80 percent this year and by more than 570 percent in the past 12 months.
Bitcoin's rise was attributed to several factors, including institutional investor participation and some notable corporate purchases. Tesla, Square and Microstrategy are among the companies that have bought Bitcoin.
Chinese software maker Meitu said it bought Bitcoin and cryptocurrency Ethereum.
Cryptocurrency Ethereum was trading at $ 1,836 at around 10:41 am Singapore time, an increase of nearly 7 percent from the previous day, according to CoinDesk data.
Companies are also making cryptocurrency acquisitions, and PayPal said on Monday that it is buying Curv to secure cryptocurrencies.
Bitcoin supporters often liken the currency to digital gold, and it is a hedge against inflation and potentially safe assets as investors can hold their money in times of political or economic turmoil.
Some argue that loose monetary policy, such as low interest rates and the purchase of assets from central banks around the world, erodes the value of fiat currencies, such as the US dollar, and provides Bitcoin with a better alternative to invest in it.