Chesnot | Getty Images
The value of all the bitcoin in circulation, or market capitalization, on Wednesday rose above $1 trillion for the first time since late 2021, according to CoinMarketCap data.
The cryptocurrency also broke through the $51,000 level during the day, marking the first time it has hit this price since December 2021.
Bitcoin was trading at around the $51,229 mark at 6.15 a.m. ET, up around 3% from its price of 24 hours prior, according to CoinDesk data.
The price rise continues a rally that began in January last year. This year alone, bitcoin is up more than 21%.
This is a breaking news story. Please check back for more.