Bitcoin Briefly Crosses $40,000 After Blasting Through $38,000 and $39,000 in One Day

Bitcoin rose above $40,000 a coin on Thursday after blasting through $38,000 and $39,000 in the early hours of the day.

The digit coin sets a new all-time record of $40,123.30 per coin following a 13.45 percent gain before pulling back to $38,444.18 per coin.

In 2021, Bitcoin has gained 36 percent or $11,000 in a move that suggests the world’s most dominant cryptocurrency could hit $100,000 or even more in 2021.

Growing global uncertainty continues to favour Bitcoin as more institutional investors, who fear global currencies could suffer devaluation in 2021, have continued to increase their investment in the digital asset.

Also, Ethereum, the world’s second most capitalised digital coin, extended its gains by 2.25 percent to $1,212.02 per coin while the embattled Ripple added 29.81 percent to $0.327712 per coin.

Bitcoin is now more valuable than all but seven global traded companies at $746 billion market value.