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Bitcoin spikes 12% and breaks $40,000 for the first time, pushing the ...


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The New York Times
SOURCE: https://www.businessinsider.com/bitcoin-price-cryptocurrency-market-cap-apple-record-high-2021-1
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Summary

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. Payment companies like PayPal and Square allow their users to trade cryptocurrencies and a growing number of fintechs beyond the US are seeing growing interest from their customer base.Read more: Buy these 30 stocks that handily beat the market in 2020 and are poised for the best global returns in 2021, RBC saysJPMorgan said on Monday Bitcoin could eventually trade as high as $146,000 if investors adopt it as an alternative safe haven to gold, although it did add that such a rally might not be sustainable.Bitcoin is already the largest cryptocurrency by market cap, and the most widely used, with a current value of almost $700 billion.

As said here by https://www.businessinsider.com/bitcoin-price-cryptocurrency-market-cap-apple-record-high-2021-1