Bitcoin on a winning streak after rising above $40k

Crypto investors are keeping a close eye at the recovery of Bitcoin, as the digital coin rises to a new high

The continuing recovery in Bitcoin has put the largest cryptocurrency on course for its longest winning streak this year.

Bitcoin, the world’s biggest crypto, rose as much as 5.8% to top $40,000.

It’s advanced for eight straight days. Other coins including second-ranked Ether, also climbed.

Recent positive comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood have helped the crypto recover.

However, the currency still has a long way to go before reaching its official all-time high of $64,829.14.

For those who still don’t really know how Bitcoin works:

Bitcoin users send and receive coins over the network by inputting the public-key information attached to each person’s digital wallet. 

In order to incentivize the distributed network of people verifying bitcoin transactions (miners), a fee is attached to each transaction. The fee is awarded to whichever miner adds the transaction to a new block. Fees work on a first-price auction system, where the higher the fee attached to the transaction, the more likely a miner will process that transaction first.