Bitcoin's total market capitalization is now $1 trillion, as of 3:50 PM today, according to CoinMarketCap.

The world's largest cryptocurrency achieved this feat amid a market rally that elevated Bitcoin's price by as much as $53,859.99 as of 3:54 PM UTC. Bitcoin has risen by 4.40% over the past 24 hours, hitting new all-time highs every day.

Bitcoin recently surpassed Tencent to become the eighth-largest asset in the world by market cap.

With this rise, the total market cap for all cryptocurrencies reached $1.654 trillion, with altcoins accounting for $654.54 billion of that value.