It was a historic week for the cryptocurrency market and its leader, which finally broke out of consolidation and skyrocketed to a new all-time high.
There were very few actual signs of what was about to happen in the past few weeks. Recall that BTC had dumped below $100,000 during the Israel-Iran conflict, and even though it quickly bounced to a six-digit price territory, it remained in a tight range between $105,000 and $110,000.
These boundaries managed to confine the asset for a couple of weeks despite a few breakout attempts. However, that all changed in the middle of the current business week when the primary cryptocurrency began a massive leg up that broke the upper boundary on Wednesday, and it quickly spiked to a fresh peak at $112,000.
Although it retraced slightly in the following hours, its run was just getting started. On Thursday evening, bitcoin flew to $113,000 and later $116,000. The gains continued on Friday as the cryptocurrency flew to almost $119,000 to register its current all-time high.
Despite losing some ground since then and retracing to just over $117,000 as of press time, it’s still up by 8% weekly. Its market cap has shot up to $2.340 trillion, while its dominance over the alts has taken a hit this week and is down to 62.4%.
The reason for this is that many altcoins have marked mindblowing weekly pumps. Some of the leaders include ETH (17%), XRP (20%), DOGE (20%), ADA (30%), SUI (20%), LINK (17%), XLM (39%), and HBAR (32%). HYPE is also up by double digits (17%) and pumped to a new all-time high of over $46.
These impressive price increases come as a bit of a surprise, given the latest tariff developments from Trump against other countries. In the past week alone, the POTUS has announced numerous tariffs against Canada, the EU, the UK, Japan, South Korea, Brazil, and other nations, some of which are up to 35%.
Market Data
Market Cap: $3.75T | 24H Vol: $262B | BTC Dominance: 62.4%
BTC: $117,550 (+8.2%) | ETH: $2,990 (+17.7%) | XRP: $2.73 (+22.4%)
This Week’s Crypto Headlines You Can’t Miss
New Bitcoin Record At $118K: On-Chain Clues Reveal This Rally Is Different. Following this historic run and new all-time high, analysts, commentators, and everyone in between rushed to offer their opinion on what drove the asset and how high it can go. According to CryptoQuant, this rally is different due to several factors you can check here.
Bitcoin Tapped $112,000: Dormant Whales Stir, Retail Nowhere to Be Found. Before today’s peak, which marked the first one for the month at $112,000, reports emerged that retail investors were still nowhere to be found. Instead, the majority of the gains were attributed to larger and institutional investors.
Ripple Taps The Oldest US Bank to Custody RLUSD. BNY Mellon, the oldest US bank and one of the most consistently bullish on the cryptocurrency industry, will serve as the custodian for Ripple’s stablecoin, RLUSD. The asset reached a substantial milestone this week, hitting $500 million in market cap.
BNB Chain Completes 32nd Quarterly Burn — Could This Fuel a Rally? BNB’s burning program continues to operate as expected. The latest token burn, completed earlier this week, saw over $1 billion worth of BNB being sent to null addresses.
GMX Hacker Returns Stolen $40 Million, Accepts $5M Bounty. Despite the positive market moves and new peaks, one crypto company faced an exploit, in which the attacker siphoned roughly $42 million worth of digital assets. Nevertheless, the perpetrator agreed to a bounty proposition and returned most of the funds.
BlackRock’s Ethereum ETF Sees $300M Record Inflow Day, ETH Tops $3K. ETH’s price jump to a new multi-week high of over $3,000 came in the aftermath of a record-setting inflow day into the spot Ethereum ETFs. Naturally, BlackRock’s product led the pack, with $300 million in net inflows.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and HYPE – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.
