Bitcoin broke through the $40,000 mark for the first time

Bitcoin broke through the $40,000 mark for the first time, and it has risen by more than $11,000 year-to-date

In the early hours of Friday morning Beijing time, Bitcoin hit the $40,000 mark for the first time and doubled in less than a month. Since 2021, it has risen more than $11,000, pushing the total market value of the cryptocurrency market to exceed $1 trillion.

Data from the tracking agency CoinGecko shows that the total market value of the cryptocurrency market has increased fourfold in the past year, reaching this milestone. The driving factors cited by strategists include speculative retail traders, trend-following quantitative funds, wealthy individuals and even institutional investors.

Bitcoin rose by more than 11% overnight, hitting a high of $40,402, and rose by more than $3,000 during the day. It has more than tripled in the past year. According to CoinGecko's data, Bitcoin accounts for about two-thirds of the total market capitalization of the cryptocurrency market, followed by ether, which accounts for about 13%.