Leading cryptocurrency, Bitcoin has roughly doubled its value in less than a month, gaining traction among institutional investors driven by the perception that it is a good safeguard against inflation, and even touted as potentially becoming an alternative to gold.
According to CoinGecko‘s index of 6,124 assets, the value of the cryptocurrency market topped $1 trillion for the first time on 6 January. The surge was driven by yet another record-high registered by the world’s biggest digital money by market cap, Bitcoin.
Registering a gain of more than 14 percent from a day earlier, according to CoinDesk data, Bitcoin passed the $40,000 mark to peak at $40,324.01 on Thursday afternoon. The movement triggered a spike in the combined market value of all cryptocurrencies up by about 9 percent to $1.05 trillion, according to CoinMarketCap.com.
“Crypto investors appear to have got used to the extreme price fluctuations and have so far kept a cool head despite the occasional flash crash,” Milan Cutkovic, market analyst at Axi, was quoted as saying.
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“Fear of missing out is driving this rally, and an increasing number of investors want to jump on the bandwagon before the next major leg higher.”