The digital currency bitcoin continues to advance. The currency first passed the $ 37,000 mark on Thursday.
With that, the value of the entire cryptocurrency market, which consists of bitcoin and other digital coins such as ether and tether, surpassed 1 trillion dollars for the first time. Bitcoin accounts for about two-thirds of the market value.
The world’s best-known crypto coin was worth $ 37,736, according to crypto exchange website Coinmarketcap on Thursday morning. Over 24 hours, more than 5 percent in value was gained. On Wednesday, the currency already reached a record high of $ 35,000.
On Monday the currency lost 17 percent of its value, the most considerable daily loss since March. The crypto coin is up about 29 percent since the beginning of 2021. In all of 2020, bitcoin’s value quadrupled.
Bitcoin’s resurgence has been attributed to a variety of factors, including more purchases from significant investors. More institutions and well-known investors have also started to allocate funds in bitcoin or have said they are open to it.
Some traders point to the US bank JPMorgan Chase’s earlier forecast, which forecasts a longer-term price of $ 146,000 for the currency. The general tendency in global financial markets, where there seems to be more willing to take risks, also contributes to advancing.