Introduction to Bitcoin’s Recent Surge
Bitcoin has notched its highest-ever weekly close as crypto market momentum continues and the cryptocurrency is again nearing its all-time high. This milestone marks a significant event in the cryptocurrency’s history, with its most recent close at midnight UTC on May 18 being its highest weekly close ever at just below $106,500.
Bitcoin’s Weekly Gains
Bitcoin (BTC) has closed at a weekly gain for the past six weeks in a row. Its last highest weekly close was in December when it reached $104,400. It later went on to reach an all-time high of $109,358 on Jan. 20. Bitcoin is now less than 3% away from its peak price and has gained 2% over the past 24 hours to trade around $104,730.
Daily Closes and Market Analysis
Bitcoin also posted its highest-ever close in a 24-hour period on May 18. However, this is not the largest daily gain Bitcoin has made. Investor Scott Melker noted, “Bitcoin just had its highest daily candle close… ever.” With a daily close above $105,000, analyst Rekt Capital said, “Bitcoin will develop a brand new higher high.”
Market Trends and Projections
Bitcoin’s weekly gains over the past six weeks are mirroring its gains in November when it added $30,000 in three of its largest weekly candles ever. It has added around $12,000 so far in May, climbing from $94,000 to over $106,000 before it pulled back to around $105,400. Arete Capital partner “McKenna” noted the return of the Coinbase premium, which measures US sentiment by comparing the difference between Coinbase’s BTC/USD pair and Binance’s BTC/USDT equivalent.
Bitcoin’s Compound Annual Growth Rate
On May 18, analyst Willy Woo discussed Bitcoin’s compound annual growth rate (CAGR), noting that it was trending downward as the network continues to store more capital. Woo compared it to long-term monetary expansion of 5% and GDP growth of 3%, estimating that Bitcoin’s annual growth rate will be around 8% in around 15 to 20 years when it has settled.
Conclusion
In conclusion, Bitcoin’s recent surge to its highest-ever weekly close is a significant event in the cryptocurrency’s history. With its price nearing its all-time high, investors and analysts are watching closely to see what’s next. As Bitcoin continues to absorb capital and its compound annual growth rate cools down, it will be interesting to see how it performs in the long term. One thing is certain – Bitcoin remains a major player in the cryptocurrency market, and its performance will continue to be closely watched by investors and analysts alike.
