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We can surely say that this week was nothing short of historic when it comes to crypto - Bitcoin skyrocketed over the $100,000 mark for the first time, making history right in front of us.
The overall market didn’t disappoint either, adding around $300 billion to its cap and reaching about $3.86 trillion, hitting a new all-time high. Investor excitement ran higher than ever, powered by all those promising developments that the market is going through.
Bitcoin’s path this week kept everyone on edge. Early on, its price moved between $96,000 and $98,000, with a slight dip to $94,000. Things didn’t seem promising until midweek when Bitcoin suddenly broke the $100k psychological barrier - a milestone that had been a long time coming.
It didn’t stop there, climbing to $104,000 before a fast sell-off pulled it back to $92,000. In fact, the drop came as overleveraged traders were forced to liquidate hundreds of millions of dollars.
But Bitcoin held its ground, quickly getting back to around $98,000. The big question now is whether this recovery will lead to another rally or signal a deeper correction.
Altcoins also had a solid week, with Ripple’s XRP leading the rally. It went 60% up at its peak before settling near $2.30.
Ethereum saw 7.6%, Binance Coin (BNB) faced 8.5%, and Cardano (ADA) also around 8%. All these returns show us that the market goes far beyond Bitcoin - investors are exploring other opportunities as well.
Among these, the next unicorn meme coin projects have been the ones getting a ton of attention lately. Their perfect combination of old-school humor and extreme price surges seems to be attractive to both seasoned investors and beginners looking for the next big trend.
In a move that could hit crypto regulations, future President Donald Trump named Paul Atkins as the next Chair of the SEC. Atkins, a former commissioner, is already famous for supporting all kinds of financial innovation.
Many in the market see this as a good sign for crypto, with hopes that his leadership could lead to long-awaited regulatory clarity. Some analysts even mention that crypto-focused ETFs might finally get the green light under his watch, bringing even more mainstream investments into the industry.
At the same time, the whole industry was full of activity as billions of dollars in Bitcoin linked to the defunct Mt. Gox exchange started moving. These transfers, tied to the infamous 2014 hack, raised plenty of questions.
Will the assets be sold off and put a big pressure on the market? Or is this just a behind-the-scenes reshuffle by creditors or custodians? No one knows for sure, but the news added even more tension.
As the week comes to its end, investors are keeping a close eye on Bitcoin’s next move. Right now, the main question is whether will it retest $104,000 or take a breather after such a dramatic run.
With regulatory changes across the corner and altcoins showing strength, the crypto market remains as unpredictable as ever. One thing is certain - the coming weeks are set to be crucial in shaping the future of the entire industry.
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