Admin Reporter- POOJA1

Jan 08 2021


Bitcoin hits $40,000 for first time; doubles in less than a month

Friday, 8 January 2021

Bitcoin surged to $40,000 for the first time, doubling in value in less than a month and pushing the total market value of cryptocurrencies beyond $1 trillion.Cryptocurrencies hit the milestone after a fivefold climb in market value in the past year, data from tracker CoinGecko shows.

 

 

 


Strategists have cited demand from speculative retail traders, trend-following quant funds, the rich and even institutional investors as among the reasons for the surge.Bitcoin rose as much as 11% on Thursday to $40,065 and has more than quadrupled in the past year, according to a composite of prices compiled by Bloomberg. It accounts for about two-thirds of cryptocurrency market value, followed by Ether at about 13%, according to CoinGecko data.

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