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After four months of waiting, consolidation, several price crashes and subsequent rebounds, Bitcoin investors finally got what they wanted a few days ago when the asset broke its January all-time high of around $109,100.
It wasn’t a smooth journey, nowhere near that. In the past week alone, BTC challenged the $107,000 resistance on a few occasions, but it was stopped and pushed south violently on Monday and Tuesday.
However, the bulls were more persistent; they kept driving the cryptocurrency north, and the now former peak gave in on Wednesday. After another unsuccessful attempt during the morning trading session, BTC went hard on the offensive in the afternoon and shot above the previous record. It neared $110,000 but was quickly stopped and dropped by several grand.
However, that was another short-term pullback as the bulls returned in full force, pushing the asset past $110,000 and toward a new all-time high of $112,000 (on Bitstamp) registered yesterday – on Bitcoin Pizza Day.
The cryptocurrency lost some steam in the following hours but still maintained around $111,000. Then came US President Trump’s renewed tariff warnings. He proposed a 50% straight tax on all countries in the European Union, as the organization had become a bad partner, according to the POTUS.
BTC reacted immediately with a price slump of $3,500 but has recovered some ground and now sits close to $109,000. This puts its weekly gains at 5%, which is better than ETH, XRP, BNB, SOL, DOGE, and many others.
However, the altcoins have a new superstar in the face of HYPE, which also skyrocketed to a new all-time high earlier today. HYPE has gained more than 30% since this time last week.
Market Data
Market Cap: $3.551T | 24H Vol: $170B | BTC Dominance: 60.9%
BTC: $108,800 (+5%) | ETH: $2,560 (-1.3%) | XRP: $2.35 (-2.6%)
This Week’s Crypto Headlines You Can’t Miss
Major US Banks Mulling Joint Stablecoin Venture: Report. Some of the biggest US-based banks, such as JPMorgan Chase, Citigroup, Wells Fargo, and Bank of America, have reportedly teamed up to begin talks on a joint stablecoin, which will allow them to use it to speed up routine transactions like cross-border payments.
Bitcoin Rally Is Still Healthy Despite New ATH: On-Chain Data. Although BTC has already broken its all-time high record and sits well in the green on a weekly and monthly scale, several on-chain metrics show that its rally is a lot healthier than the previous surge in January, and it could continue for a while.
Is BlackRock’s Spot Bitcoin ETF IBIT Becoming Too Big to Ignore? The biggest BTC ETF continues to eat up its competition as its AUM has grown to more than all other funds combined. This raised questions within the community about whether IBIT could actually pose some centralization issues to an underlying asset that is supposed to be highly decentralized.
Profit-Taking Pushes Ethereum (ETH) Into Overheated State Near Key Resistance. ETH has lost some steam after its impressive rally mid-month, but still remains close to a key resistance of around $2,700. The cool-off is probably driven by profit-taking, as this report suggests. Another one, though, indicated that the ETH stored on exchanges has hit a multi-year low, which is typically a bullish sign.
CME’s XRP Futures Are Live: A Comparison with BTC, ETH Debuts. While the US SEC continues to delay making a decision on different spot Ripple ETF applications, XRP has notched another win on the futures front. This week, CME’s XRP Futures products went live for trading, and you can check how they performed compared to BTC and ETH here.
Donald Trump to Dine With His Meme Coin Holders Today – Here’s What to Expect. The POTUS keeps making the news in the cryptocurrency space, and this week was his hyped special dinner with the top holders of his meme coin – Official Trump (TRUMP). According to reports, it was filled with controversy, including some protests outside the venue.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Hype, and Solana – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.
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