Bitcoin continues to impress investors after the US Federal Reserve recently raised the funds rate to 5.25%. The rate hike has generated bullish sentiment in the cryptocurrency market, pushing Bitcoin's market cap up by 1.4% in the past 24 hours. The currency is currently trading at a seven-day high of approximately $29,075. Other data from Glassnode reveals a three-year low in Bitcoin transactions' mean size and an all-time high for the portion of Bitcoin supply that hasn't been active for two or more years. To top it all off, the currency's value skyrocketed to $57,000 for a brief moment on Bitfinex due to a glitch in the system, though no official reports have been issued yet.

Recent trends suggest that Bitcoin's value is steadily increasing, drawing numerous investors to the market. The potential for BTC to reach greater heights continues to draw attention, and some believe that the currency has the potential to become a mainstream form of payment. While the digital asset has come a long way since it first appeared on the market and appears to be achieving remarkable gains, its sustainability in the long run remains unclear.



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