# Bitcoin Surges Towards Historic Peak Amid Record Inflows
Bitcoin (BTC) experienced a remarkable surge in value, climbing from $122,000 to $124,289 in a matter of minutes, edging closer to the all-time high of $124,429 set in August. This upward movement beyond $124,000 was fueled by a surging demand for U.S.-listed spot exchange-traded funds (ETFs), resulting in a substantial net inflow of $3.24 billion last week. This influx stands as the second-largest weekly inflow ever recorded, as per insights from data provider SoSoValue.
## Altcoins Rallied Alongside Bitcoin
In tandem with Bitcoin’s rally, other major tokens including XRP, ETH, SOL, and DOGE registered gains of 1% to 3% during the Asian trading hours, echoing the positive momentum in the cryptocurrency market.
## Factors Driving Bitcoin’s Rally
Bitcoin’s surge is occurring amidst a backdrop of continued uncertainty stemming from a U.S. government shutdown, spurring increased safe-haven demand for the leading digital asset. The shutdown has prompted analysts to highlight the significance of Bitcoin as a hedge in times of economic and political turmoil.
### Insights from Industry Experts
Jeff Dorman, Chief Investment Officer of Arca, emphasized the role of Bitcoin as a safe haven, stating that he typically acquires BTC during periods of diminished trust in governmental institutions and traditional banks. This sentiment was echoed by Noelle Acheson, author of the Crypto Is Macro Now newsletter, who highlighted macroeconomic factors such as escalating geopolitical tensions, rising inflation rates in the U.S., and increased global borrowing as key drivers behind Bitcoin’s current rally.
### Market Outlook and Predictions
As October, historically a bullish month for cryptocurrencies, unfolds, Bitcoin is poised to capture substantial gains, with experts forecasting a positive trajectory for the digital asset. As of the latest update, Bitcoin was trading around $124,080, according to data from CoinDesk.
## Conclusion
Bitcoin’s recent surge towards its historic peak reflects a combination of heightened demand from institutional investors and a growing appeal as a safe-haven asset amidst global uncertainties. With positive market sentiment and favorable macroeconomic conditions, Bitcoin’s upward momentum is poised to continue, potentially leading to significant gains in the near future.