The largest cryptocurrency rose by as much as 4.3% to USD 39,499 on Saturday, approaching its early January record of almost USD 42,000.

Bloomberg

PUBLISHED ON FEB 06, 2021 10:09 AM

Bitcoin rose to $ 40,000 on a rally that helped push the market value of digital tokens to new highs.

The largest cryptocurrency rose by as much as 4.3% to USD 39,499 on Saturday, approaching its early January record of almost USD 42,000. The value of more than 6,000 tokens recorded by CoinGecko reached an unprecedented $ 1.22 trillion.

The jump comes after another volatile week in cryptocurrencies, marked by Elon Musk’s support for Bitcoin and a record run in Ether, the second largest token. Billionaire Musk also posted ironic tweets about Dogecoin – a Shiba Inu-themed unit that started as a hoax – and encouraged the purchase, which briefly brought its market cap to over $ 6 billion.

The developments provide more evidence of how the casino-like movements of digital coins are penetrating the mainstream. High profile Bitcoin proponents like Musk say it is gaining wider acceptance in the financial community. Meanwhile, regulators are increasingly warning of volatility that could wipe out investors.

“Investor perception is at an all-time high at both the retail and hedge fund level,” said Jehan Chu, managing partner of blockchain advisory firm Kenetic Capital in Hong Kong.

Also read | World markets are rising as vaccines raise hope

Even so, many investors still view digital coins as a treacherous sector. This was underscored in the United States, where the 24-year-old founder of two New York-based cryptocurrency hedge funds with investments exceeding $ 100 million pleaded guilty to securities fraud on Thursday.

Bitcoin, the largest cryptocurrency, is up about 20% this week. The token could consolidate before heading towards $ 50,000, which would translate into a market value of around $ 1 trillion, said Mike McGlone, commodities strategist at Bloomberg Intelligence.

Ether’s eight-fold rally last year may face turmoil from the upcoming CME Group Inc. futures launch next week. The contracts can open the door for bearish investors. The digital coin was in Singapore at 10.35am on Saturday at $ 1,688.

This story was published by a wire agency feed with no changes to the text.

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