Bitcoin surge may hold kernel of bigger rally

Bitcoin has surged this year in a rally that’s emblematic of a burst of risk appetite on bets that central bank interest-rate hikes will abate as high inflation moderates. The token’s 23% advance in the seven days through January 15 was its best weekly performance since February 2021. Weekly climbs of at least 20% occurred nine times in the past five years, after which the token added an average of 40% over three months, according to data compiled by Bloomberg.

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