Bitcoin surpassed the $52,000 mark on Thursday, propelled by increased allocations from fund managers like BlackRock (BLK) and Franklin Templeton (BEN) into multiple exchange-traded funds (ETFs).

Bitcoin (BTC-USD) stood at $51,990 (£41,420) at the time of writing, an increase of almost 4% — a level not seen since December 2021.

The market capitalisation of bitcoin rose above the psychologically noteworthy $1tn mark, according to data from CoinGecko.

The US Securities and Exchange Commission (SEC) approved the first US-listed ETFs to track bitcoin (BTC-USD) in January. A spot bitcoin ETF is a financial product that investors anticipate could open the gateway for mainstream capital to flood the crypto market.