As Bitcoin rockets skyward, its gains are still the story today, after weeks of bullish activity that propelled this front-running cryptocurrency toward the stratosphere.
It wasn’t too long ago that Bitcoin was crawling forward day after day at a steady $6500 per coin.
This morning, as chronicled by William Suberg at Cointelegraph and others, Bitcoin broke the $40,000 mark in an astounding set of market day rallies showing that it’s not tied to equities or gold or anything else.
A few weeks ago, analysts were looking at how Bitcoin untethered from traditional investments, wondering whether it had the kind of upward potential that it’s currently manifesting.
Let’s look at some of the key psychological landmarks that the $40,000 value represents.
First, as pointed out in the Cointelegraph report, this new support level means that Bitcoin’s market cap is now larger than that of Chinese mega firm Tencent, which is now the target of an attempted US blacklist for its prowess in operating the chat platform WeChat.
Or for another key example, it has surpassed, if briefly, Tesla’s own value, even as that company’s stock has also spiraled up and up over the past year.
Here’s another key aspect of the $40,000 valuation – it’s twice the prior Bitcoin peak that we experienced at Christmas time in 2017.
After the $20,000 peak, Bitcoin fell and fell. People wondered where the bottom was. Then we found out. Now traders are wondering just how much they can make from investments made over the past year. Many will double and triple their money and will likely see a sustained interest in Bitcoin going into the future.
As we always report, when noting new Bitcoin valuations, the back story is that cryptocurrency on-ramps are also flourishing. Bitcoin ATMs are on city streets. Exchanges offer Bitcoin derivatives like futures and options. The infrastructure is following the demand, and it’s an exciting time to be in crypto.