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

Cryptocurrencies hit the milestone after a fivefold climb in market value in the past year, data from tracker CoinGecko shows

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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. Photo: Bloomberg

Olga Kharif | Bloomberg

3 min read Last Updated : Jan 08 2021 | 1:36 AM IST

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.

Topics : Bitcoin cryptocurrency and blockchain technology digital currency

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