In an unparalleled surge, Bitcoin has peaked in both EUR and GBP.
The asset is now worth more than $66,000, and the ATH is closing in the spot. The price of bitcoin is still driven mainly by the Bitcoin ETF.
With a decisive climb, Bitcoin (BTC) has reached its all-time high (ATH) in euros.
BTC Achieves ATH in GBP and EUR
Bitcoin set fresh highs at €60,447 and £51,736 on the U.S. cryptocurrency platform Coinbase. It is noteworthy that in the U.S., BTC has not yet surpassed its ATH. The coin’s market value on Coinbase increased to almost $69,000 in November 2021.
The flagship digital asset saw a gain of over 6% the previous day and was trading at $66,190.83 at publication.
The rise in the spot Bitcoin ETF market is one of the factors driving the price of Bitcoin. Only BlackRock’s IBIT has had inflows of up to $7.8 billion, with Fidelity’s FBTC coming in second with $4.8 billion.
In the history of Bitcoin, February ended up having the most extended green candle. BTC’s market value has increased in lockstep with its price, hitting $1.244 trillion now. Due to its continued growth, Bitcoin’s dominance in the digital asset ecosystem is further weakened.
The coin’s trading volume, which also climbed by 65.6% to reach $34.75 billion, demonstrates the apparent growth in investor interest and activity in the Bitcoin market. Purchasers appear out of the red now that 51.94 million addresses are in profit, nearly 100% of addresses.
The volume of BTC addresses in profit had barely surpassed 90% just over two weeks ago, highlighting the swift increase in the coin’s metrics.
Inflation’s Effect on the Price of Bitcoin
The coin’s dollar index continued to rise from the previous week. Notably, the dollar index is a crucial metric that evaluates the relative strength or value of the U.S. dollar in comparison to six essential competitors. An increase in the index indicates the dollar’s strength relative to the other major currencies and vice versa. The index increased by 2.7% on a cumulative basis in January and February.
Grayscale reaffirmed that it has been steadily lowering U.S. inflation since the beginning of the year. In light of this, analysts at the well-known Bitcoin ETF issuer issued a warning note, alerting readers to the potential negative impact of inflation on rising interest rates and, in turn, on cryptocurrency.
Rising inflation would make it less likely for the U.S. Federal Reserve to slash interest rates, stifling the potential for additional cryptocurrency accumulation and value increases because traditional investment instruments would still be appealing and carry fewer risks.
