Bitcoin continued its bang-on debut until 2021, crossing $ 40,000 for the first time on Thursday.
According to CoinDesk, it cost $ 40,324, up 14% on this day and 38% in a year that’s only seven days old. The digital currency did not hold the $ 40,000 level for long, however. It settled at $ 39,595.92, up 10%.
Bitcoin’s rally has been turbocharged in recent times – it first crossed $ 30,000 on Saturday, then operated through $ 36,000 and $ 37,000 on Thursday, setting three new $ 1,000 milestones on Thursday before doing.
“Rallies like this which are conducted by FOMO [fear of missing out] Alone, with loose logic implemented later, are not sustainable, ”said Onda analyst Craig Erlam. “But they can certainly produce extraordinary returns in the meantime.”
Bitcoin prices have been rising for months in a combination of stocks, emerging markets and commodity prices as investors risked risky assets in response to aggressive monetary policies put in place by central banks to counter the economic collapse caused by the coronovirus epidemic .