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

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Bitcoin smashed through $37,700 to hit a new record high on Thursday as the cryptocurrency's massive rally continues.

The cryptocurrency is up about 29% since the start of 2021 and in the past 12 months has surged over 380%.

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.The cryptocurrency is up about 29% since the start of 2021 and in the past 12 months has surged over 380%.

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