Bitcoin continued its lightning start until 2021, passing $ 40,000 for the first time on Thursday.
The price was traded up to $ 40,324, according to CoinDesk, up 14% that day and up to 38% in a year that has only seven days. However, the digital currency did not hold much of the $ 40,000 level. It was set at $ 39,595.92, up 10%.
The Bitcoin rally has been turbo-powered in recent days – passing $ 30,000 for the first time on Saturday, then fueling $ 36,000 and $ 37,000 on Wednesday, before setting three new $ 1,000 markers on Thursday.
“Such rallies are led by FOMO [fear of missing out] alone, with a weak logic applied later, they are not sustainable “, said Oanda analyst Craig Erlam. “However, they can certainly produce extraordinary returns in the meantime.”
The price of Bitcoin has risen for months, coupled with equities, emerging markets and commodity prices, as investors have come to riskier assets in response to aggressive monetary policies adopted by central banks to combat the economic collapse caused by the coronavirus pandemic.