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Bitcoin has suddenly rocketed, climbing to highs of $53,750 on the Luxembourg-based Bitstamp exchange.

The latest bitcoin price rise, coming just days after the cryptocurrency broke through the closely-watched $50,000 level, means the combined value of the 18.6 million bitcoin tokens in circulation are now worth over $1 trillion—double the $500 billion it started 2021.

MORE FROM FORBESExclusive: YouTube Stars Jake Paul And Ben Phillips 'Discussed' Creating A Cryptocurrency As Bitcoin And Dogecoin Mania SpreadsBy Billy Bambrough bitcoin, bitcoin price, image

The bitcoin price has been climbing fast over recent months, soaring past its previous all-time ... [+] highs.

SOPA Images/LightRocket via Getty Images

The bitcoin price has climbed at a blistering rate over recent months, accelerating after breaking through is late 2017 all-time high of around $20,000 in December.

Bitcoin's surge has been largely put down to Wall Street banks and other big investors warming to the cryptocurrency but has been bolstered by interest from the likes of Elon Musk, who's electric car company Tesla this month announced it had added bitcoin to its balance sheet.

"Bitcoin's price continues its run higher as expected, driven by extraordinary interest from all three institutions, corporate treasuries, and retail," trader and economist Alex Kruger says via Telegram, adding recent institutional interest in bitcoin "cannot be overstated."

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"The only reason for concern at present is the excessive leverage built into the system. Excessive leverage can cause short-term corrections, but can't change a healthy trend."

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The bitcoin price has added almost 500% over the last 12 months and shows little sign of slowing.

Coinbase

Bitcoin breaking through the $1 trillion asset barrier has been cheered by the bitcoin community, with many predicting the bitcoin price will continue to climb.

"$1 trillion market cap is important inasmuch as it will trigger many asset managers to take a closer look, but with bitcoin's total addressable market in the $200-$400 trillion range it's still just a drop in the bucket," Cory Klippsten, the chief executive of bitcoin-buying app Swan Bitcoin, said via Telegram.