The market value of bitcoin hit $1 trillion after the digital currency traded at just under $54,000 per coin.
The price has now gained about 360% over the past six months. Before the recent surge, the digital asset has never traded above $20,000.
The significant increase in the currency has been fueled in part by the increased adoption of bitcoin by major investors and companies.
The oldest bank in the United States, the Bank of New York Mellon, announced earlier this month that it was moving into space.