This past week has been historic for Bitcoin as it surged past its previous all-time high established in January, only to experience a subsequent retracement after recent tariff statements from the President of the United States.
While Bitcoin grabbed headlines, many altcoins saw significant weekly gains, with HYPE leading the pack. In contrast, both SUI and XRP experienced the steepest declines among the larger-cap cryptocurrencies.
BTC to $108K
The momentum started last Sunday evening when Bitcoin (BTC) emerged from a weekend lull, shooting up from $103,000 towards the $107,000 mark. However, resistance quickly met the asset, forcing it downward as the week commenced. Not deterred, the bullish momentum resurfaced on Wednesday, pushing BTC beyond the $109,100 threshold, establishing a new all-time high. Although there was a minor correction back to $106,500, this setback was fleeting.
By Thursday morning, the asset began to rally once more, skyrocketing to nearly $112,000 on what is notably referred to as Pizza Day, achieving another historic milestone. However, Friday brought renewed volatility as President Trump’s announcement of proposed tariffs against the European Union precipitated a sudden drop, with Bitcoin slipping several thousand dollars almost instantly. As of now, BTC is trading around $108,000, reflecting a weekly gain of 4% and maintaining a market capitalization close to $2.15 trillion, with dominance over altcoins lingering above 61%.
Volatile Alts
In the altcoin market, a new standout has emerged: HYPE, which charted a new all-time high on Friday. Even amidst challenges such as a compromised Hyperliquid X account, its price surged by 30% on a weekly basis, positioning it as the top performer.
AAVE followed suit with a notable 19% increase, while Monero (XMR) captured third place with a 17.7% weekly rise. Other significant performers include PEPE and BCH.
On the downside, SUI witnessed a 5% decline since last weekend, and XRP has slightly declined to $2.3, marking a 2.8% drop over the week.
Overall, the total cryptocurrency market cap has dipped by approximately $30 billion, settling at about $3.5 trillion.
