Bitcoin passes $40,000 for first time, doubles in value in less than a month

Bitcoin has surged to $40,000 for the first time, doubling in value in less than a month and pushing the total market value of cryptocurrencies beyond $1 trillion.

Cryptocurrencies hit the milestone after a fivefold climb in market value in the past year, data from tracker CoinGecko shows.

Strategists have cited demand from speculative retail traders, trend-following quant funds, the rich and even institutional investors as among the reasons for the surge.