Bitcoin (BTC), the world’s leading cryptocurrency, posted a strong performance this week, gaining 5% in value against the US dollar from September 9 to September 15, 2024. The digital currency started the week trading at $57,227 and reached $60,016 by Sunday evening at 6:20 PM Pakistan Standard Time.
The cryptocurrency market remained volatile against the dollar during last week, but Bitcoin displayed resilience, managing consistent upward movement despite minor fluctuations in midweek trading. This surge marks a positive shift in market sentiment, with investors showing renewed confidence in Bitcoin against the dollar.
Weekly Performance Overview
Bitcoin opened the week on a positive note, with a sharp rise of 4.74% on Monday, September 9, 2024, reaching $57,227.49. By Tuesday, the cryptocurrency edged up slightly, recording a 0.67% increase to $57,616.05.
However, on Wednesday, September 11, 2024, Bitcoin experienced a minor dip against the dollar, dropping by 0.27% to $57,460.10, largely attributed to profit-taking by short-term investors. The market quickly recovered the next day, with Bitcoin gaining 1.15% on Thursday, climbing to $58,125.75.
The most significant gain of the week came on Friday, September 13, 2024, when Bitcoin surged by 4.14%, hitting a high of $60,636.33. This jump pushed Bitcoin firmly past the $60,000 threshold, reflecting strong buying activity.
The rally slightly eased on Saturday, with Bitcoin slipping by 1.01% to $60,028.69. This minor decline continued into Sunday, where Bitcoin recorded a marginal decrease of 0.02%, closing at $60,016.47.
Key Factors Behind Bitcoin’s Gain During the Week
Several factors contributed to Bitcoin’s rise over the week:
1. Positive Market Sentiment: Investor confidence in Bitcoin remains strong during the week, supported by the overall recovery of global financial markets. The bullish trend is likely driven by institutional interest and favorable regulatory developments.
2. Stable Global Macroeconomic Environment: Recent stabilizations in global inflation rates and central bank policies have encouraged risk-on sentiment, benefiting assets like Bitcoin, which is often viewed as a hedge against inflation during the week.
3. Institutional Investment: Increasing participation by institutional investors continues to provide support for Bitcoin’s upward momentum. The crypto asset is attracting attention as a long-term store of value.
Bitcoin’s performance over the past week demonstrates its continued relevance and resilience in the digital asset market, despite its inherent volatility. Market watchers expect more volatility as Bitcoin approaches key resistance levels, but overall sentiment remains cautiously optimistic.
