New Record From Bitcoin on January 8!

A new record came from Bitcoin on January 8. Realizing its strongest week, Bitcoin saw above the level of 41 thousand dollars. The cryptocurrency market continued its 2020 rally in 2021. However, Bitcoin headed for its strongest weekly earnings since its rapid rise in December 2017. The Bloomberg Galaxy Crypto Index, which includes Bitcoin, Ether and three other digital currencies, has already gained 40 percent in 2021. The index saw record levels on a weekly basis in December 2017, gaining 55 percent in close to now. According to data tracker CoinGecko, the market value of cryptocurrencies has exceeded the $ 1 trillion mark for the first time this week, after a 5-fold increase in 2020. CoinGecko's figures include more than 6 thousand cryptocurrencies. Reflecting the joy prevailing in the financial markets, crypto coins have also become a symbol of concerns that the rate of increase is unsustainable. Most experts point to a variety of potential reasons for the demand for cryptocurrencies like the increased speculative transactions of home-grown traders and the buying of institutional investors.   BTC Above $ 41K Level BTC, which saw over $ 40,000 in Thursday's transactions, reached $ 41,036 today. Supporters of the leading cryptocurrency view Bitcoin as a hedge in the face of the depreciation of the dollar and the risk of inflation. The other side claims that the rally is unreasonable, triggered by massive fiscal and monetary incentives. Evercore ISI technical strategist Rich Ross said the record bullish potential shows that investors should continue to buy Bitcoin and Ether. In Wednesday's note, Ross still called the look "tulip-like", reminiscent of one of the most infamous market bubbles in history, like the tulip frenzy of the 17th century.