• 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.
• Bitcoin also broke through the $51,000 level, marking the first time it has hit this price since December 2021.
• The price rise continues a rally that began in January last year. This year alone, bitcoin is up more than 21%.

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The price rise continues a rally that began in January last year. This year alone, bitcoin is up more than 21%.

Bitcoin rallied more than 150% in 2023, as anticipation built for the U.S. Securities and Exchange Commission’s approval of bitcoin exchange-traded funds — or ETFs — which eventually came in January this year.

The price of bitcoin dipped after the ETF approval. A new rally began in late January, as investors now look toward the “halving” — a supply-restricting event written in bitcoin’s code that happens every four years and is slated for April.

When the halving takes place, the rewards given to bitcoin miners are cut in half, which reduces the volume of the cryptocurrency onto the market. Historically, halving has preceded bitcoin hitting new all-time highs in ensuing months.

Bitcoin’s last record high was just under $69,000 in November 2021.