Bitcoin spikes 12% and breaks $40000 for the first time, pushing the market value of crypto above $1 trillion – Business Insider

Bitcoin spikes 12% and breaks $40000 for the first time, pushing the market value of crypto above $1 trillion – Business Insider


Visual representations of digital cryptocurrency Bitcoin (BTC) are arranged on a circuit board
  • The price of bitcoin surged as much as 12% on Thursday, to a record high of $40,394.87.
  • That helped push the overall value of the cryptocurrency market topped above $1 trillion for the first time ever.
  • Rival token Ethereum hit its highest in two years, above $1,200, while smaller altcoins including XRP also shot up.
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The price of bitcoin surged as much as 12% on Thursday, to a record high of $40,394.87. That helped push the overall value of the cryptocurrency market topped above $1 trillion for the first time ever.

Bitcoin, which has risen by nearly 400% in the last 12 months, has seen immense investor interest in recent weeks.

The driving forces behind the rally are a desire among investors to seek an alternative asset that is decentralized and not tied to any central bank, whose actions can debase a traditional currency’s value, as has been the case of the US dollar with the Federal Reserve’s zero-interest rate policy and trillions of dollars in stimulus over the last year. 

“With buying interest continuing to drive the market, any sell-offs of set-backs will be seen as another opportunity to enter a market that, at the moment, is pushing relentlessly higher,” DailyFX strategist Nick Cawley said. 

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