Bitcoin It surged during Sunday’s Asian session, rallying from $122,000 to $124,289 within minutes, suspending a record high of $124,429 that reached August.
The break of over $124,000 followed a massive demand for US-listed spot exchange trading funds (ETFs). Last week, we have registered a net inflow of $3.24 billion. According to data provider SoSoValue, this marks the second-largest weekly influx on record.
Other tokens like XRP, ETH, SOL and DOGE followed BTC’s lead, earning 1% to 3% during Asian time.
Demand for shelters
The BTC rally arrives against the backdrop of ongoing US government closures. Analysts say it has increased the secure have demand for the best cryptocurrencies.
“We only buy BTC when society loses faith in government and local banks,” said ARCA Chief Investment Officer Jeff Dorman, shortly before the closure began.
Beyond political uncertainty, experts point to important macroeconomic factors driving the assembly.
Noelle Acheson, author of Crypto Is Macro Now Newsletter, said, “Beyond the escalation risk of new conflicts, US inflation is likely to increase rather than decrease, and an increase in borrowing worldwide strengthens currency concerns.
“And the advent of market support — lower rates, yield curve management, and many ‘money prints’ will increase global liquidity and penetrate the riskier sections of our institutional portfolio,” she added.
In short, BTC appears to be set to choke up impressive profits in the seasonally bullish month of October. At the time of writing, cryptocurrency traded around $124,080, according to Coindesk data.
