Bitcoin Hits $119K ATH
Bitcoin unexpectedly reached a new all-time high (ATH) of $119,000 over the weekend, defying short-term predictions and occurring amidst unusually low liquidity. This surge wasn't isolated; other cryptocurrencies also saw significant gains, with Ethereum (ETH) briefly topping $3,000 before Crypto Week.
Bitcoin's Record-Breaking Rally
According to CoinMarketCap, Bitcoin's price peaked at $119,292, a nearly 2% increase in a single day. Earlier, it traded as low as $116,000 as daily trading volume dropped 20.19% to $44.37 billion. This ATH in a low-liquidity environment surprised many investors. However, reports of Michael Saylor's MicroStrategy resuming Bitcoin acquisitions after a brief pause contributed to the price jump. On a weekly basis, Bitcoin gained almost 10%, marking a significant rally.
While Bitcoin's market capitalization reached $2.5 trillion, Alphractal CEO Joao Wedson cautioned about the low-volume breakout, suggesting a potential near-term correction. Despite this, many predict further price increases for major cryptocurrencies, possibly influenced by heightened market uncertainty.
Other cryptocurrencies also experienced substantial growth. Ethereum surpassed $3,000 for the first time in months. HYPE hit a new ATH of $48.78 following a 7% daily surge, while XRP and ADA also saw gains of around 6%.
Crypto Week Fuels Market Optimism
The upcoming Crypto Week is generating significant investor enthusiasm. The House Committee on Financial Services designated July 14-17 as Crypto Week due to crucial cryptocurrency legislation under consideration.
During Crypto Week 2025, the House will examine the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. Experts believe a positive vote on these bills could significantly boost investor interest in cryptocurrencies, especially for stablecoin issuers anticipating the passage of the GENIUS Act. Although House Democrats attempted to counter this with an "Anti-Crypto Corruption Week," it hasn't dampened overall market enthusiasm.
At the time of writing, the global cryptocurrency market capitalization stands at $3.71 trillion—a 3% increase over the past day, largely driven by Bitcoin's impressive gains. This positive sentiment highlights the importance of regulatory clarity and its potential impact on the crypto market.
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