Bitcoin (BTC), the original cryptocurrency, has again climbed up to new heights. Today, August 14th, 2024, the original cryptocurrency hit an all-time high of $124,128. According to companiesmarketcap.com BTC dataBitcoin has now overtaken Google as the fifth largest asset on the planet. BTC’s market cap is only surpassed by Apple (AAPL), Microsoft MSFT, Nvidia NVDA and gold. BTC has gone from being a obscure cryptocurrency “internet” Bitcoin, from being a mere piece of paper to one of the largest and most valued entities on the planet has been a big success in just a short period.
How long will Bitcoin continue to rise after surpassing Google?
BTC’s recent rise could be due to positive Consumer Price Index numbers (CPI), which were released for July. Lower CPI data has led to expectations of an interest rate decrease next month. It is expected that the interest rates will be cut in next month due to lower CPI numbers. CME FedWatch tool Its chances of seeing a reduction in interest rates by 25 basis points to 94.8% have increased. BTC, and perhaps the entire crypto market as a whole, may see another huge price increase if the Federal Reserve lowers interest rates. Market participants are likely to put their money into high-risk assets if interest rates drop.
Bitcoin’s (BTC), rally has likely been further supported by the institutional inflows into their ETF product. BTC ETFs products have consistently seen inflows during the last few month. BTC’s recent rally has been largely driven by institutional investors.
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Bitcoin (BTC), despite the bullish outlook is not immune to a possible correction. Investors may start to sell and book their profits. BTC already faces some resistance above $124,000. Investors may sell their positions if they bought during the peak. Investors may also become more cautious, as the world economy has yet to fully recover. There are new risks to crypto markets from geopolitical tensions and trade wars.
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Source: watcher.guru
