The price of leading cryptocurrency, Bitcoin, has reached a record $40,000 just hours after it sold for $38,000.
The progress began in December 2020 when it broke the $19,783 price it recorded in 2017.
While bearish traders expected that the December rise would drop in no time, Bitcoin continued to rise in value with a growth of 13.45% over the last 24 hours.
Bitcoin which is seen as a digital gold has attracted institutional investments into the cryptocurrency market.
Some of the investments reported by Coindesk include Anthony Scaramucci’s Skybridge Capital ($182 million in December); insurance giant MassMutual ($100 million in December); and Guggenheim Investments (up to 10% of its $5 billion macro fund).
Bitcoin now controls $746 billion of the $1 trillion value of the cryptocurrency market. This is expected to grow with the Democratic Party now in control of both the House and the Senate in America. Other crypto like Ripple’s XRP and Ethereum has also recorded significant growth in recent weeks. Punch