Bitcoin Hits ATH Against Multiple Fiat Currencies
Date: 2024-02-28 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin Surges to New Heights
Bitcoin, the leading digital currency, has marked a significant milestone by reaching a two-year high of $59,485 on February 28th. This surge comes as Bitcoin continues to demonstrate its resilience and strength in the cryptocurrency market.
All-Time High Against Fiat Currencies
In recent days, Bitcoin has reached its all-time high against several fiat currencies, including the Japanese yen, Malaysian ringgit, Indian rupee, Australian dollar, Chilean peso, South African rand, Norwegian krone, Turkish lira, and Chinese yuan. Experts attribute this surge to the inflationary pressures faced by these fiat currencies.
Implications of the Halving Event
Analysts predict that Bitcoin's bullish momentum is likely to continue, especially with the upcoming halving event scheduled for April. Historically, Bitcoin has experienced significant price increases following each halving event, with an average gain of 270%.
Influence of Bitcoin ETFs
The increasing demand for spot Bitcoin ETFs is also contributing to the notable uptrend in Bitcoin's price. Since January 11th, industry funds have attracted over $6 billion in investment assets, indicating growing market interest in ETFs and limited supply, which are expected to drive further growth in the coming months.
Current Market Outlook
As of now, Bitcoin is trading near $59,293, with a market capitalization of $1.16 trillion. Daily trading volumes have reached approximately $48 billion, underscoring the continued robustness of the cryptocurrency market amidst global economic uncertainties.
