In a latest update, the foremost cryptocurrency, Bitcoin has surpassed all its previous highs reaching $40,000. High demand from institutions, corporations, and more recently, retail investors has powered Bitcoin’s surge this year. Investors are drawn by the hope of immediate gains in a world of ultra-low yields and negative interest rates. The world’s largest cryptocurrency has grown by 16.21% over the past week.
Moreover, Bitcoin is now at its highest price following the unexpected drop to lows of $31,500 on January 27.The fall led to Bitcoin’s all-time high of $41,946 on January 8. Today’s high price is the extension of a rally that commenced at the start of the week. On Monday, the price began surging from around $33,600. Bitcoin’s price hits $40k after consequent drops in the past few days.
Besides Bitcoin, community witnesses increase in prices of Ethereum and XRP
Apart from Bitcoin, other cryptocurrencies are also on the rise. Ethereum’s price, $1,687, records a regular surge of 1.82% and a weekly gain of 25.42%. Yesterday, the coin smashed another all-time high of just over $1,720. XRP touched $0.43 today, an improvement of 0.14% across the past 24 hours. The crypto grew by 44.91% this week. On February 1, XRP’s price surged to highs of $0.75 following 295,000 traders on a “Pump and Hold XRP” Telegram group agreed to elevate the price. However, the pump, and the progress of it, was short-lived. The membership of the group has fallen to 165,000.
However, according to Bloomberg senior commodity strategist Mike McGlone, Bitcoin will proceed its bullish push towards $50,000 as investors transfer funds out of gold to the digital assets. Through 2024, he considers its volatility could also reach gold levels, propelling the price to a significant level. Furthermore, crypto proponents and industry executives also assume Ethereum (ETH) will reach great heights. Currently, Paolo Ardoino, the CTO of Bitfinex, addresses the rising ETH value.
Follow BitcoinWorld for the latest updates.
SEO Tags: Bitcoin news, Bitcoin price, Bitcoin price prediction, Bitcoin reaches $40k, Bitcoin price hits $40k, Bitcoin price rally, Ethereum price, Ethereum price rise, XRP price rise.
