Bitcoin Hits Record High Amid Market Momentum
Bitcoin, the world’s largest cryptocurrency by market value, surged to an all-time high on Sunday, reaching $125,245.57 at 0512 GMT. The rise marked a 2.7% increase from the previous day and surpassed the earlier record of $124,480 set in mid-August.
Sustained Rally Driven by Institutional Demand
A combination of favorable regulatory conditions in the U.S. and strong institutional interest fueled the cryptocurrency’s climb. Bitcoin had already gained for eight consecutive sessions by Friday, reflecting growing investor confidence. Additionally, continued inflows into bitcoin exchange-traded funds supported its upward trajectory, highlighting the asset’s increasing mainstream adoption.
Market Dynamics Influence Currency Shifts
While Bitcoin strengthened, the U.S. dollar weakened on Friday, slipping to multi-week lows against major currencies. Uncertainty surrounding a potential U.S. government shutdown contributed to the dollar’s retreat and delayed the release of critical economic data, including payroll figures. As a result, investors looked to alternative assets like cryptocurrencies, further boosting Bitcoin’s value.
The ongoing rally underscores Bitcoin’s resilience in volatile markets and its growing appeal among both retail and institutional investors.
