Bitcoin rally takes crypto market value to another record

Bitcoin climbed toward $40,000 in a rally that helped the market value of digital tokens scale a new peak.

The largest cryptocurrency rose as much as 4.3% to $39,499 on Saturday, taking it closer to early January’s record of almost $42,000. The value of more than 6,000 tokens tracked by CoinGecko hit an unprecedented $1.22 trillion.

The jump comes after another volatile week in cryptocurrencies marked by Elon Musk’s support for Bitcoin and a record runup in Ether, the second-largest token. Billionaire Musk also posted tongue-in-cheek tweets about Dogecoin — a Shiba Inu-themed unit that began as a joke — stirring buying that briefly drove its market capitalization past $6 billion.