The rate of Bitcoin climbed above $40,000 Saturday as the first cryptocurrency has almost reclaimed all its losses suffered since achieving an all-time high at the beginning of January.
BTC struck $40,543.76 before tumbling back to $39,117.57 in the last 24 hours, positioning itself within striking space of the all-time high-level of $41.972.36 set on January 8.
After reaching that high-water mark, BTC dropped just about a third of its price and all its impressive year-to-date improvements, falling to as low as $28,865.31 on January 22.
After jumping up and down for a week or so, over the last week BTC has made a string of surging moves. Year-to-date BTC’s gain is 34.51% and it’s up 37.62% from January 22.
Assisting to drive this most recent run is fresh investment on the part of institutional capital such as Ray Dalio’s Bridgewater Associates, which oversees $150 billion in investor wealth, and the Miller Opportunity Trust.
“Bridgewater’s bulletin last week had a sensitivity evaluation which showed their assessments of BTC price, should private investors in gold turn to BTC,” reads an information note from trading company QCP Capital.
“They projected that should 50% of money in gold move into BTC, that would cause a cost of $85,000 for 1 Bitcoin.”
