Bitcoin Continues to Record Level And Jumps 5% During The Session

Bitcoin jumped more than 5% on Friday, January 8th, to a new record high at $ 41,530, to offset losses incurred earlier in the session.

The most popular digital currency in the world fell to a low of $36618.36 on the Bitstamp exchange before rising. The rival cryptocurrency Ethereum rose 3% before falling more than 10%.

Bitcoin rose about 1000% from a low it hit in March. It topped $30,000 for the first time on January 2, after surpassing $20,000 on December 16.

Some traders in the market warned of a correction movement after reaching the level of 40 thousand, but Bitcoin is preparing to record gains for the eleventh session in the past twelve sessions.

Growing demand from institutions, companies and, more recently, individual investors have boosted Bitcoin’s surge, as they are drawn to the prospects of a quick payoff in a world of drastically low returns and negative interest rates.

JPMorgan economists wrote on January 5 that the digital currency is emerging as a competitor to gold and could trade as high as $146,000 if it consolidates its position as a safe investment asset.

Interest in the world’s largest cryptocurrency has increased in the past year as investors view Bitcoin as a hedge against inflation and an alternative to the depreciation of the dollar.