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January 7, 2021Blog Posts

Bitcoin tops $40,000 for first time, pushing cryptocurrency market value past $1 trillion

CNBC

Bitcoin smashed through $40,000 to hit a new record high on Thursday helping to lift the total value of the entire cryptocurrency market above $1 trillion for the first time.

The digital coin hit an all-time high of $40,367 at around 1:17 p.m. ET, just a few hours after blowing past the $39,000 level, according to data from Coin Metrics.

Bitcoin pared some of its gains after hitting a record, last trading at $38,885, up 9.1% higher from a day earlier. The cryptocurrency is up over 30% since the start of 2021 and in the past 12 months has surged 400%.

Social Capital’s Chamath Palihapitiya thinks the digital currency has a long runway ahead even after its massive rally.

“It’s probably going to $100,000, then $150,000, then $200,000,” Palihapitiya told CNBC’s “Halftime Report.” “In what period? I don’t know. [Maybe] five or 10 years, but it’s going there.”

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