Bitcoin Hits Unprecedented High
(MENAFN) Bitcoin, the globe's leading digital currency, climbed above the $125,000 threshold for the first time since its creation 17 years ago.
The cryptocurrency set a new all-time high of $125,245.57 on Sunday, reflecting an approximate increase of 2.7%.
At 0512 GMT, Bitcoin reached $125,245.57, surpassing its prior peak of $124,480, which was recorded in mid-August.
This marked a significant milestone in its ongoing upward momentum.
This marks the eighth consecutive day of gains for the cryptocurrency, with its rally fueled by recent upturns in American stock markets and increased capital moving into Bitcoin-linked exchange-traded funds.
Simultaneously, the US dollar weakened on Friday, falling to its lowest level in several weeks when measured against other major global currencies.
This decline came amidst concerns over a potential federal government shutdown and postponed releases of crucial economic indicators.
Historically, October has been a favorable month for Bitcoin.
This year is no exception, as the digital asset’s value has climbed by over 30% during the month alone.
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