Wednesday saw Bitcoin reach its highest level ever, surpassing the January high as risk sentiment strengthens following the selloff triggered by tariffs last month. The biggest cryptocurrency in the world reached a peak of $109,760.08 and was most recently up 1.1% at $108,117.
Several reasons contributed to its rise, such as the reduction in trade tensions between the US and China and Moody’s downgrading of US sovereign debt, which encouraged investors to look for alternatives to the dollar as an investment.
With institutional momentum and a favourable U.S. regulatory climate acting as tailwinds, bitcoin is now entering blue sky territory after surpassing the high of January and reaching a 50% upside from the lows of April, Antoni Trenchev, co-founder of the digital asset trading platform Nexo, stated in an email remark.
Sometimes, when investor enthusiasm is high, Bitcoin trades similarly to tech stocks and other assets that appreciate in value. A new tab shows that the tech-heavy Nasdaq (.IXIC) is up 30% from its bottom in early April. This opens a new tab and coincides with the dollar’s ongoing decline (DXY), which further strengthens the value of bitcoin relative to the US dollar.
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