Bitcoin climbed above $120,000 on Thursday for the first time in seven weeks as the US government shutdown prompted investors to seek refuge in alternative assets. The cryptocurrency attracted $1.5 billion in exchange-traded fund inflows this week, and it has gained approximately 10 percent since Friday. The token reached $120,163 in afternoon trading in New York after setting an all-time high of $124,514 on Aug. 14.
Smaller digital currencies posted stronger gains, with Solana advancing 5.7 percent, Litecoin rising 6.7 percent, and Dogecoin climbing 4.7 percent. Crypto-related equities rallied as Coinbase Global jumped 7.8 percent, Strategy increased 3.5 percent, and MARA Holdings edged up 2.1 percent. Analysts noted that persistent sell-side pressure in spot order books has created conditions for sharp price movements when overhead supply decreases.
Smaller digital currencies posted stronger gains, with Solana advancing 5.7 percent, Litecoin rising 6.7 percent, and Dogecoin climbing 4.7 percent. Crypto-related equities rallied as Coinbase Global jumped 7.8 percent, Strategy increased 3.5 percent, and MARA Holdings edged up 2.1 percent. Analysts noted that persistent sell-side pressure in spot order books has created conditions for sharp price movements when overhead supply decreases.
