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

GUANGZHOU, China — 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…

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