Don't Look Now, but Bitcoin Just Surged to Within 5% of Its All-Time High
Investor focus is increasingly shifting in a drastic way toward cryptocurrencies once again. Yes, there's the AI narrative that's driving tech stocks higher, with many megacaps leading the way. But Bitcoin's (CRYPTO: BTC) impressive surge toward new all-time highs is continuing in full force Monday. As of 12:15 p.m. ET, the token had surged by 5.8% over the prior 24 hours to $66,500. This puts Bitcoin within 5% of the all-time high it set during the previous crypto rally in 2021.
There are a number of factors to point to for this rise, both macroeconomic and Bitcoin-specific. Let's assess what's responsible for this rally, and whether we're on the precipice of a new all-time high, or if some further consolidation is more likely.
Most of the discourse around Bitcoin's recent move seems to be centered on capital inflows into spot Bitcoin ETFs. That narrative is certainly important to understand, and there's certainly plenty to think about when it comes to the sheer amount of capital vying to buy Bitcoin on the open market.
Source Fool.com
