Bitcoin, the world’s largest cryptocurrency by market capitalisation, grew to an all-time high of USD 125,245.57 on Sunday, up nearly 2.7 per cent, crossing its previous record of USD 124,480 set in mid-August.
The recent rally has been driven by a combination of supportive regulatory signals from the US government under President Donald Trump and strong demand from institutional investors. Friday marked Bitcoin’s eighth consecutive session of gains, further bolstered by inflows into bitcoin exchange-traded funds (ETFs) and a broader uptick in US equity markets.
Meanwhile, the US dollar retreated on Friday, posting multi-week losses against major currencies. Analysts said uncertainty over a potential US government shutdown and delayed release of key economic data, such as payroll figures, contributed to dollar weakness, creating a favorable environment for cryptocurrencies.
“This rally has been supported by the uptick in US equities and renewed inflows into Bitcoin-linked exchange-traded funds. Investors are increasingly viewing Bitcoin as part of the ‘debasement trade,’ with concerns over the US government shutdown driving demand for safe-haven assets. Rising institutional adoption, coupled with global economic uncertainty, continues to strengthen Bitcoin’s position as the ‘digital gold’ of our time,” said Sumit Gupta, Co-founder at CoinDCX. |
