Bitcoin Price Reaches ATH in Euros as Profit Holders Reach 100%
Bitcoin (BTC) is recovering strongly and has successfully reached the all-time high (ATH) in Euro.
BTC Hits ATH in EUR and GBP
To be exact, Bitcoin reached €60,447 and £51,736 ATH on American cryptocurrency exchange Coinbase, marking new ATHs. It is worth noting that BTC has not yet surpassed the ATH in the United States. In November 2021, the coin reached a market cap of over $69,000 on Coinbase.
Over the last 24 hours, the flagship digital asset has gained more than 6% and at the time of writing, It is trading at $66,190.83.
The increase in Bitcoin price is due to various events, including the growth in the spot Bitcoin ETF market. BlackRock’s IBIT alone recorded inflows of up to $7.8 billion. followed $4.8 billion inflows were generated by Fidelity’s FBTC.
February was the month with the longest green candle in Bitcoin history. Beyond its price, BTC’s market cap has also increased, reaching $1.244 trillion. This growth further weakens Bitcoin’s position as it dominates the digital asset ecosystem.
Investors’ interest and activity in the Bitcoin market has also increased significantly; This is clearly expressed by the fact that the transaction volume of cryptocurrency increased by 65.6% and reached 34.75 billion dollars. Buyers no longer appear to be at a loss as the number of profitable addresses reaches 51.94 million, reaching almost 100%
just two weeks ago BTC’s volume profitable addresses It only surpassed 90%, underlining the rapid rise in the cryptocurrency’s metrics.
Effect of Inflation on Bitcoin Price
The coin’s dollar index showed positive momentum compared to last week. The dollar index, in particular, is an important indicator that tests the strength or relative value of the U.S. currency against its six major rivals. The increase in the index is indicative of the strength of the dollar against other major currencies and vice versa. In January and February, the index increased by 2.7% cumulatively.
A recent statement from Grayscale reiterated that there has been a steady decline in US inflation since the beginning of the year. To this end, analysts from the popular spot Bitcoin ETF issuer issued a warning noteHe warned about the negative impact of inflation on higher interest rates and therefore crypto.
In context, the likelihood of rising inflation will decrease. US Federal Reserve’s interest rate cut, A scenario that could reduce the likelihood of further crypto accumulation and valuation growth, as traditional investment vehicles will be quite attractive with limited risks.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
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