Key Points
- Bitcoin hits a new all-time high against the U.S. Dollar at $73,777, bolstering its reputation as an inflation hedge.
- On-chain metrics suggest that the cryptocurrency is only entering the second, more aggressively bullish phase of its cycle.
Bitcoin’s price surge continues, with the cryptocurrency reaching a new all-time high against the U.S. Dollar on March 14th, 2024.
The new record stands at $73,777, surpassing the previous high of $69,000 set in November.
Bitcoin’s Rising Status
Bitcoin has also established new highs against other fiat currencies such as the Turkish Lira, Argentine and Philippine Peso, and the Indian Rupee.
This suggests that Bitcoin is increasingly being viewed as a hedge against inflation, particularly in countries where the inflation rate is higher than in the U.S.
The Thermo Cap ratio metric, as reported by AMBCrypto, indicates that the network fundamentals of Bitcoin remain strong.
Despite a drop in the Network Value to Transactions metric, indicating a lack of transaction volume to justify Bitcoin’s prices, investor confidence in the cryptocurrency continues to grow.
Signs of a Bullish Cycle
Crypto analyst Axel Adler, in a post on X (formerly Twitter), noted that Bitcoin’s price performance on higher timeframes has not yet gone parabolic, suggesting the cryptocurrency is entering a more aggressively bullish phase.
Adler drew comparisons with the 2017-18 run, where steady gains for 380 days were followed by a parabolic uptrend for another 351 days.
The Short-term holder (STH) Net Unrealized Profit/Loss (NUPL) has not peaked either, according to Adler.
The analyst posits that it would need to climb above 0.4 to mark the end of the current bull run, suggesting that the Bitcoin all-time high is likely only a matter of time.
