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Can bitcoin soar to $40,000 today?

On Thursday, January 7, the cryptocurrency market rose to a new high.

Bitcoin has surpassed $37,000, the cryptocurrency’s capitalization now stands at just over $686 billion. Within the next 24 hours, the coin could come close to $40,000, some observers predict.

Other digital currencies are also increasing in value today. For example, ether (ETH) rose to $1200. Cardano (ADA) and Stellar (XLM) were the best performers over the past 24 hours, soaring in value by 21.6% and 48.6% to $0.327 and $0.35, respectively.

The value of all cryptocurrencies exceeded $1 trillion yesterday, a record high for crypto investor in the history of the blockchain industry.

Bitcoin resumed its expansion just days after falling to $29,316. The correction in early January had no effect on the fundamentals of the largest digital currency, which soared more than 300% in 2020, CNBC noted.

Investment bank JP Morgan published a note for investors on Monday, which predicted a trend of long-term strengthening of BTC.

According to analysts of the financial giant, the cryptocurrency will rise in price in parallel with gold. Prices of the main precious metal added about 25% last year.

Strategists at JP Morgan also expect bitcoin’s volatility to weaken. This factor will increase the attractiveness of the tool among major players.