Bitcoin volatility resumes after US$40,000 topped for first time
Olga Kharif, Bloomberg News VIDEO SIGN OUT
Bitcoinâs wild price swings resumed after the the worldâs largest cryptocurrency climbed above US$40,000 for the first time.
After jumping as much as 11 per cent to US$40,394, Bitcoin fell around US$3,500 in about half an hour and continues to fluctuate. Prices vacillated as much as 17 per cent on Monday. The digital token has more than doubled in less than a month.
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. The total market value of cryptocurrencies climbed beyond US$1 trillion for the first time Thursday.
The value of all cryptocurrencies in circulation passed $1 trillion for the first time
7 January 2021 • 8:39pm
Bitcoin rose as much as 5pc on Thursday to touch a high of $37,802
Credit: DADO RUVIC /Reuters
The price of Bitcoin crossed a new all-time high above $40,000 on Thursday, continuing a dramatic bull run that has seen its value double in less than a month.
The cryptocurrency’s price rose as high as $40,324.01, according to CoinDesk, rising by 20pc in little more than two hours, before falling below the threshold .
It came as the total value of all cryptocurrencies in circulation crossed $1 trillion for the first time. The total value of all Bitcoins in circulation is now above $700bn, putting it above all but a handful of global currencies.
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.
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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Doubles in less than a month.
By Olga Kharif, Bloomberg
7 Jan 2021 20:57
Image: Chris Ratcliffe, Bloomberg
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.