Bitcoin surged to a new 2024 high Wednesday, recovering from a brief dip Tuesday spurred by disappointing inflation data, analysts say. Equities and ether also climbed. 

Bitcoin (BTC) came close to breaking through $52,000 Wednesday morning in New York after two days of hovering around the $50,000 level. The largest cryptocurrency lost as much as 2.8% Tuesday following the latest consumer price index reading, which showed annual inflation currently sits at 3.1%, higher than economists had predicted. 

Bitcoin’s turnaround though is a sign that the asset follows both a risk-on and risk-off narrative, Noelle Acheson, author of the “Crypto is Macro Now” newsletter, said. 

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