Sign Up on MEXC
Highlights
- Bitcoin just hit ATH in EUR and GBP amid unprecedented rally
- The asset has surpassed $66,000 value with ATH closing in
- Spot Bitcoin ETF remains a major catalyst driving Bitcoin's price
Bitcoin (BTC) is rallying strong and has successfully hit an all-time high (ATH) in Euro.
BTC Hits ATH in EUR and GBP
Precisely, Bitcoin reached an ATH of €60,447 and £51,736 on the American cryptocurrency exchange Coinbase, marking new ATHs. It is worth noting that BTC is yet to surpass its ATH in the United States. In November 2021, the coin reached a market value of over $69,000 on Coinbase.
Within the last 24 hours, the flagship digital asset has registered more than a 6% increase and at press time, it was trading at $66,190.83.
The surge in Bitcoin price is driven by several events including the growth in the spot Bitcoin ETF market. Only BlackRock’s IBIT has registered up to $7.8 billion in inflows, followed by Fidelity’s FBTC with $4.8 billion in inflows.
February turned out to be the month with the longest green candle in Bitcoin’s history. Beyond its price, BTC’s market capitalization has jumped in tandem, now reaching $1.244 trillion. This growth further attenuates its position as Bitcoin dominates the digital asset ecosystem.
Investors’ interest and activities in the Bitcoin market have also increased significantly, a position that is clearly expressed in the trading volume of the coin which also soared by 65.6% to reach $34.75 billion. Buyers seem not to be in losses anymore as the number of addresses in profit has hit almost 100% at 51.94 million
Only about two weeks ago, the volume of BTC addresses in profit had only topped 90%, underscoring the rapid rally in the coin’s metrics.
Impact of Inflation on Bitcoin Price
The dollar index of the coin showed a positive momentum from last week. Notably, the dollar index is a key indicator that tests the strength or relative value of the U.S. currency against six major rivals. A rise in the index is indicative of the dollar’s strength against the other top currencies and vice versa. In January and February, the index cumulatively gained 2.7%.
A recently published statement from Grayscale reiterated the steady decline in U.S. inflation since the year started. To this end, analysts from the popular spot Bitcoin ETF issuer released a cautionary note, warning about the adverse effect of inflation on higher interest rates and consequently, on crypto.
For context, growing inflation would decrease the likelihood of interest rate cuts by the U.S. Federal Reserve, a scenario that could dampen the prospects for further crypto accumulation and valuation increases as traditional investment instruments will be fairly attractive with limited risks.
- Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes
- SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes
- Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze
- Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500
- MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
- Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?
- ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?
