Bitcoin hit an all-time high in the past week, surpassing the record it set back in January. The digital asset surged to $109,760.08 before settling around $108,117, marking a 1.1% increase. This jump reflects a growing appetite for risk in the market, which had been shaken by last month’s tariff-driven dip.
Several elements, including easing tensions between China and the U.S., have helped lift market sentiment. Additionally, Moody’s downgrade of United States government credit has led investors to look beyond the dollar for stability and growth—pushing more interest into digital assets like Bitcoin.
Nexo co-founder Antoni Trenchev noted that with a 50% rise since April’s low, Bitcoin is now moving into the “blue sky” territory—uncharted ground with few obvious resistance points. Trenchev also pointed to increasing support from institutional players and a more welcoming stance from U.S. regulators as key contributors to the rally.
Trenchev added that Bitcoin is still in the fourth year of its typical price cycle, which follows a halving event—when the reward for mining Bitcoin is cut in half. Historically, this phase tends to bring strong price performance. Despite uncertainties in the global economy and potential for price swings, he believes the crypto could reach $150,000 this year.
Bitcoin often mirrors the behavior of technology stocks—both tend to gain when investor optimism is strong. For example, the Nasdaq, which includes many major tech firms, has risen 30% since April. At the same time, the U.S. dollar has continued to weaken, providing additional tailwinds for Bitcoin as its value relative to the dollar climbs.
Traditional financial giants dipping into crypto have also helped fuel the excitement. Recently, JPMorgan’s CEO Jamie Dimon, previously skeptical of crypto, said the bank would allow clients to invest in Bitcoin. Additionally, Coinbase was officially added to the S&P 500 this month, signaling mainstream acceptance.
Coinbase, however, is also facing scrutiny. The company revealed that the U.S. Justice Department (DOJ) has launched an investigation into a recent security breach.
Interestingly, Ethereum didn’t follow Bitcoin’s lead this time, slipping by 0.5% to $2,513. Meanwhile, altcoins joined the upward movement: Avalanche rose 5.3%, Cardano increased by 4%, and Sui gained 4.3%. Solana and Dogecoin both added 3.5%, while XRP and BNB climbed 1.4% and 3.3%, respectively.
Bitcoin’s rally has pushed its total market value to $2.21 trillion, now making up 63.2% of the entire cryptocurrency market. Daily trading volumes have also surged, up 76% to reach $90.08 billion. Entities like Strategy Inc. (NASDAQ: MSTR) that focus on Bitcoin investment will be pleased by this renewed momentum of BTC.
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