The value of the world’s largest cryptocurrency has surpassed $1tn for the second time after digital asset prices jumped.

Bitcoin’s price rose to a seven-day high of $54,457 just after 6am GMT on 9 March, pushing its market capitalisation above the $1tn mark. The coin’s value has risen more than 8% in the last 24 hours and is up more than 80% this year.

It is only the second time the cryptocurrency has held the same market capitalisation as some of the world’s biggest technology companies, having previously hit the mark on 19 February and held it for only a few days.

Institutional interest in bitcoin began in earnest after Elon Musk’s Tesla bought $1.5bn of the cryptocurrency in February to add to its portfolio. Musk later added that  “when fiat currency has negative real interest, only a fool wouldn’t look elsewhere”.

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Ether, a cryptocurrency on the Ethereum network, has also spiked in the last 24 hours to rise more than 7% at $1,800. Both coins benefitted from the advent of Chinese beauty firm Meitu, which said on 7 March that it had bought $40m in the two currencies, CNBC reported.

Other recent bets in the space include PayPal, which said on 8 March that it would acquire Israeli