Cryptocurrency market value surpasses $1 trillion for first time as bitcoin hits $37,700 record high

Cryptocurrency market value surpasses $1 trillion for first time as bitcoin hits $37,700 record high

Bitcoin smashed through $37,700 to hit a new record high on Thursday helping to lift the total value of the entire cryptocurrency market above $1 trillion for the first time.The digital coin hit an all time high of $37,724.67 at around 11:44 a.m. Singapore time, more than three hours after blowing past $36,000, according to data from Coindesk.Bitcoin was over 5% from a day earlier at around 1:04 p.m Singapore time.The cryptocurrency is up about 29% since the start of 2021 and in the past 12 months has surged over 380%.Meanwhile, the value of the entire cryptocurrency market, which is made up of bitcoin and other digital coins like ether and tether, surpassed $1 trillion for the first time early on Thursday, according to data from Coinmarketcap.Bitcoin's resurgence has been attributed to a number of factors including more buying from large institutional investors. High profile investors like Paul Tudor Jones, for example, have been buying bitcoin.Many bitcoin bulls say the cryptocurrency is akin to "digital gold," a potential safe haven asset and a hedge against inflation. In a recent research note, JPMorgan said bitcoin could hit $146,000 in the long term as it competes with gold as