Bitcoin tops $40,000

Bitcoin smashed through $40,000 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, CNBC reports.

The digital coin hit an all-time high of $40,188 at around 1:15 p.m. ET, just a few hours after blowing past the $39,000 level, according to data from Coin Metrics.

According to CNBC, Bitcoin was 13.1% higher from a day earlier. The cryptocurrency is up over 30% since the start of 2021 and in the past 12 months has surged 400%.