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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-shatters-previous-peak-with-eye-catching-surge" rel="noopener noreferrer nofollow">Bitcoin Shatters Previous Peak with Eye-Catching Surge</a><br></p>
<p style="text-align: justify">The digital currency <a href="https://en.bitcoinhaber.net/bitcoin-becomes-profitable-for-80-of-individuals-and-organizations" rel="noopener noreferrer nofollow">Bitcoin</a> has recently surpassed its all-time high, reaching beyond the $69,000 threshold. Contrasting with the 2021 rally, this upswing has manifested despite the absence of low Federal Reserve interest rates that traditionally support such ascents. Just a few weeks prior, Bitcoin conquered the $50,000 barrier, instigating predictions of further growth in the short term from industry experts like Sean Farrell from Fundstrat Global Advisors.</p>
<h2 id="market-dynamics-and-economic-indicators">Market Dynamics and Economic Indicators</h2>
<p style="text-align: justify">During the past week, the value of Bitcoin briefly topped $70,000 before stabilizing. Currently, the <a href="https://en.bitcoinhaber.net/bitcoins-high-profit-supply-signals-caution-while-matic-and-ltc-offer-promising-opportunities" rel="noopener noreferrer nofollow">cryptocurrency</a> trades around $69,320. This record-breaking performance coincides with a period of high U.S. federal fund rates, marking a departure from previous rallies fueled by an abundant dollar supply and low-interest rates. According to James Butterfill of CoinShares, the high demand for Bitcoin reflects an excess of cash in the market without many borrowing options.</p>
<p style="text-align: justify">Butterfill also suggests that when interest rate conditions shift, likely in 2024, Bitcoin could attract considerable demand as a deflationary asset. Similarly, tech stocks may ride an investment wave, benefitting from available cash and the preceding low-rate borrowing environment.</p>
<h2 id="further-insights-and-trading-patterns">Further Insights and Trading Patterns</h2>
<p style="text-align: justify">Bitcoin’s recent closing of a monthly candle at $20,000 in February highlights the currency’s volatility and growth potential. A Glassnode analyst notes that February saw the largest monthly USD gain in Bitcoin’s history, with a $19,840 candle contributing an impressive 47% rise in market value. Meanwhile, a decline in weekend trading volume suggests greater institutional engagement during weekdays, implying a shift towards mainstream acceptance of cryptocurrencies. Analysis by Kaiko Research shows that weekend trading has fallen from 24% in 2018 to just 13% of all Bitcoin transactions in the early months of 2024.</p>
<p style="text-align: justify">This shift is particularly notable in the impact of spot Bitcoin exchange-traded funds, which have significantly influenced market dynamics. The ongoing trend signifies a maturation of cryptocurrency as it garners institutional recognition and a more established presence in the financial markets.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-shatters-previous-peak-with-eye-catching-surge" rel="noopener noreferrer nofollow">Bitcoin Shatters Previous Peak with Eye-Catching Surge</a></h5>

Bitcoin Shatters Previous Peak with Eye-Catching Surge

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