The world’s most popular cryptocurrency traded at a new record high above $ 40,000 on Thursday afternoon, representing a doubling of the asset in less than a month as it attacks near-peak new peaks.
BTCUSD single bitcoin s,
on CoinDesk traded at a high of $ 40,402, before pulling back to around $ 38,632, at the last review. Bitcoin hit $ 20,000 for the first time ever back in mid-December, then trading the highest on record.
Bitcoin has already risen 32% in January, after recording a return in 2020 of around 300%. The gains for bitcoin and other art coins, or virtual currency alternatives to bitcoin, have so far been higher than traditional stocks and bonds, even with the Dow Jones industrial average DJIA,
index S&P 500 SPX,
and the Nasdaq Composite Index COMP,
trading at or near Thursday records.
Fanatics of the digital funds say the rally for bitcoin and its ilk is different this time around from the momentum of 2017 and could signal a much more stable climb for the cryptos.
The recent rally has been bolstered by increased interest in bitcoin from institutional investors and central bankers expressing a desire to create their own digital currencies.
Some market participants say that bitcoin could pull some demand away from gold, considered a traditionally safe asset, with a 5,000 – year reputation as a currency and store of value.
JPMorgan Chase & Co. had strategists. predicts that bitcoin could soon be worth $ 146,000, if it starts to pull more money away from traditional gold buyers, which the researchers believe could be is already happening.
Bitcoin investors have been lured to the statement that it could be a source of wealth amid the central bank’s cash flow in 2020 to support economic recovery from the coronavirus pandemic .
In addition, PayPal PYPL,
recently allowed users on its platform to purchase bitcoin, as well as other sister cryptos like Ethereum’s ETHUSD Ether,
coins, Bitcoin Cash BCHUSD,
and Litecoin LTCUSD,
SQ Square,
the popular Cash App also allows users to buy and sell bitcoins.