Though bitcoin's price surged by 45% in February, broke $60,000 for the first time since November 2021 and ended the month 9% away from its all-time high, macroeconomic factors may act as a barrier to further crypto valuation increases in the near term, according to Grayscale.

Analysts at the high-profile crypto asset manager specifically identified last month's accelerated inflation — and the decreased likelihood for interest rate cuts from the United States Federal Reserve, as a result — as the primary culprit for potentially stymied crypto price increases going forward.

"An important lesson from the last crypto cycle is that macro factors — like Fed monetary policy and the state of the economy — can heavily influence crypto asset valuations," Grayscale analysts wrote, noting: "A less …