The total value of the cryptocurrencies like bitcoin passed the USD 1-trillion mark for the first time on January 7. Bitcoin, which represents about 69 pC of the total market, rose over 9 pc, surpassing the USD 37,000-mark for the first time.

Interest in cryptocurrencies has soared recently, with investors viewing them as a hedge against inflation and an alternative to the depreciating dollar.

During intraday, bitcoin was trading down 8.56 pc at USD 37,050.34. It touched a 24-hour high of USD 37,739.08, which is also its lifetime high, and a 24-hour low of USD33,660.35. The premier cryptocurrency has surged 27.76 PC in the new year, which is in its seventh day.

Notably, the positive start is on the back of a landmark year in which bitcoin rose more than 300 percent, gaining almost 50 percent in December alone.

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