Bitcoin has soared above $ 40,000, hitting other new all-time highs

Bitcoin rose above $ 40,000, hitting other new all-time highs against the US greenback. Ethereum has risen above $ 1,300. This week has also been a harbinger of enormous gains for traders who have invested in cryptocurrencies. At the time of writing (January 10, 2021, 17:33 CET), the price of Bitcoin is slightly below the $ 40,000 level on the Binance platform, after hitting a new all-time high of $ 41,350 on January 8th. The one-year change in the BTC / USD cross thus rose to the monstrous figure of + 402.0%. A quadrupling of the price, in essence. Without forgetting that, in the last month alone, the price has more than doubled. And its capitalization has now surpassed that of the global equity star of the moment, Tesla, just to make a comparison.

Ethereum also rose near its all-time high of $ 1,392, reached nearly three years ago. Also on the Binance platform, the ETH / USD cross is trading at $ 1,348.33 at the time of writing, scoring an annual gain of + 813.27%.

The future Bitcoin, according to most experts, looks nothing but rosy. The latest big in order of time to declare itself extremely bullish on BTC was none other than the American investment bank JP Morgan Chase & Co., whose analysts indicated the long-term reference target of the $ 146,000 level. cryptoasset, adding that it can reasonably be assumed that the trading range 50,000 – 100,000 dollars could be exploited by the speculation that awaits the next months of 2021.

Bitcoin has risen above $ 40,000

However, the Bitcoin run does not seem to be the result of a large speculative bubble. To support the price, and therefore the intrinsic value, of Bitcoin, more and more fundamental characteristics are being added, such as the systematic acceptance of cryptocurrencies as a means of payment for transactional purposes. If until recently such use of cryptocurrencies was supported only by a small circle of libertarians and developers, in recent months this use is becoming increasingly widespread also among institutional investors, who intend to find, among other things, a investment alternative to normal asset classes, which are believed to be subject to a speculative bubble.

Last October, for example, the electronic payment company PayPal announced that it will allow its customers to use Bitcoin as a means of payment, for a potential target estimated at 361 million people worldwide, according to published data. from the company related to the third quarter of 2020. Needless to say, if the process of accepting cryptocurrencies as a payment currency in online commerce were to consolidate, a further substantial increase in price would be nothing more than the logical consequence. “

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