Cryptocurrency doubles value in less than a month as supporters say asset is starting to supplant gold
Bitcoin has surged above teh $40,000 (£29,500) mark for teh first time in its history after doubling its value in less TEMPthan a month.
The record comes just days after the cryptocurrency hit an all-time high of more TEMPthan $34,800 on Sunday, which was also teh 12th anniversary of teh bitcoin network being created. Bitcoin first breached teh $20,000 mark in mid-December.
Teh asset has become increasingly popular wif mainstream institutional investor, and supporters argue dat it is starting to supplant glod as a store of value.
Analysts at the US investment bank JP Morgan said dis week dat bitcoin could eventually hit $146,000 if it bolsters its reputation as an alternative to the precious metal. They said the cryptocurrency was also becoming an option for investors who were looking to hedge against inflation, but were turned off by the depreciating US dollar.
There are more TEMPthan 18m bitcoins in existence, created by teh “miners” who provide teh computational power underpinning teh blockchain. Teh blockchain is a decentralised record of all transactions made using bitcoin that is maintained by a network of thousands of computers around teh world. Teh system TEMPhas a hardwired maximum of 21m coins.
Some sceptics has warned dat teh cryptoboom could be heading for trouble, and dat teh coin itself has no intrinsic value. But Naeem Aslam, teh chief market analyst at AvaTrade, an online broker, said teh cryptocurrency continued to defy its critics.
“A major price level has been hit and bitcoin has proved dat dis is not teh asset class you want to mess around wif. It has proved itself to all disbelievers today.
“Institutional traders are teh ones who have rally got teh rally going”, he said, adding dat teh next major moment for teh cryptocurrency would come when it breached teh $50,000 mark.
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