The world’s best-known cryptocurrency traded at a fresh record high at more than $ 40,000 Thursday afternoon, representing a doubling of assets in less than a month as it makes a daily attack on new peaks.
A single bitcoin BTCUSD,
Traded at a peak of $ 40,402 at CoinDesk, before pulling back to around $ 38,632 on the previous check. Bitcoin first touched $ 20,000 in mid-December, the most trade on record at the time.
Bitcoin has already increased by 32% in January, after registering around 300% return in 2020. Profit for bitcoin and other supreme coins, or virtual currency options for bitcoin, far exceeds traditional stocks and bonds, even with the Dow Jones Industrial Average DJIA.
S&P 500 Index SPX,
And Nasdaq Composite Index Comp,
Trading on or near record on Thursday.
Digital asset fanatics say the rally for bitcoin and its ilk is different from the excitement of 2017 this time around and could indicate a much more sustained climb for crypto.
The recent rally has seen increasing interest in bitcoin from institutional investors and central bankers who express a desire to create their own digital currencies.
Some market participants say that bitcoin may attract some demand away from gold, which is considered a traditional safe-asset, with a 5,000-year reputation as a currency and store of value.
Strategies at JPMorgan Chase & Co. speculated that the price of a single bitcoin could soon rise to $ 146,000 if it begins to pull more money from traditional gold buyers, which researchers think is already happening is.
Bitcoin investors have been drawn to the narrative that it could act as a repository of funds amid the central bank’s money printing in 2020 to bolster an economic recovery from the coronovirus epidemic.
On top of that, PayPal PYPL,
Recently users on its platform have been allowed to purchase bitcoins, as well as other sister cryptos such as Ethereum’s Ether ETHUSD,
Coins, bitcoin cash BCHUSD,
And Litcoin LTCUSD,
The popular cash app also allows users to buy and sell bitcoins.