A Bitcoin will now buy you $41,000, according to Coin Metrics, Coinbase and Morningstar.

The increase in the price people were prepared to pay Friday for the cryptocurrency sent its market to more than $1 trillion.

The digital currency topped $41,750 Friday, according to Coin Metrics latest trading data.

Since the start of the year, Bitcoin has gained more than 30%. Over the past 12 months, the leading cryptocurrency has risen more than 400%.

Analysts at Social Capital said that the price of Bitcoin would likely continue to increase given the state of the economy and the world. The financial research company said that the digital currency still had a long way to go and it could go as high as $200,000 a coin over the coming five to 10 years.

Social Capital's Chamath Palihapitiya said in an interview that people were continually attracted to the digital currency because it provided a safe way to stash money under their pillow and access to an "uncorrelated hedge."

Breaking the $40,000 mark sent the cryptocurrency market, which includes other cryptocurrencies such as ether and dogecoin, past $1 trillion.

Market participants bullish on the prospects of Bitcoins have described it as "digital gold." Many have argued that the cryptocurrency is the future of safe-haven assets and a good way to hedge against inflation.

JPMorgan analysts said that Bitcoin could reach a value of more than $146,000 in the long term as it slowly replaces gold as an alternative currency between economies, governments and large companies.

More skeptical investors said that Bitcoin's value still needs to be significantly less volatile before it can be safely used as an alternative currency. Unlike gold, Bitcoin prices are notoriously erratic and swings could translate to billions of dollars in losses and gains for investors.