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Bitcoin continued its meteoric start until 2021, crossing $ 40,000 for the first time on Thursday.
The price traded as high as $ 40,324, according to CoinDesk, up 14% on the day and up 38% in a year that is just seven days old. The digital currency, however, did not maintain the $ 40,000 level for a long time. It stood at $ 39,595.92, up 10%.
Bitcoin’s rally has been turbocharged in recent days – it crossed $ 30,000 for the first time on Saturday, then hit $ 36,000 and $ 37,000 on Wednesday, before setting three new $ 1,000 milestones on Thursday.
“Rallies like this one led by FOMO [fear of missing out] alone, with loose logic applied later, are not sustainable, ”said Oanda analyst Craig Erlam. “But they can certainly produce extraordinary returns in the meantime.”
The price of Bitcoin has been rising for months in conjunction with stocks, emerging markets, and commodity prices, as investors rushed to riskier assets in response to aggressive monetary policies adopted by central banks to combat the economic collapse caused by the coronavirus pandemic.
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