Bitcoin price continued to skyrocket on Thursday and hit a new record high at $40,000.
According to data from Coinmarketcap, the combined value of the entire global cryptocurrency market surpassed $1 trillion for the first time on Thursday.
The rally in Bitcoin has mainly been driven by growing interest among retail and institutional investors on the potential of the digital currency being accepted as a mainstream digital payment method.
A recent report by JPMorgan strategists says that amid current economic uncertainty and geopolitical risks, the price of the cryptocurrency could rise by as high as $146,000 in the long term in the long term as it competes with gold as an asset class.
Since the beginning of 2021, the crypto is up by more than 36%, while it skyrocketed over 105% in the past 30 days. Below is a breakdown on the performance;