Even though liquidity was low over the weekend, Bitcoin nonetheless managed to reach a new ATH of $122,550, despite short-term predictions to the contrary. Ethereum (ETH) climbed to $3,050 just before Crypto Week, while other cryptocurrencies are also seeing remarkable growth.
Data from CMC shows that Bitcoin’s price surged to a new all-time high of $122,550. An increase of 3.96% in the last 24 hours. Investors are perplexed by the ATH in the face of low liquidity levels. And prices have been startled by claims that Michael Saylor’s Strategy is buying Bitcoin again after a one-week hiatus. Bitcoin has risen by about 10% on the weekly chart, reaching new heights in a spectacular surge.
Upcoming Crypto Week
With a market value of $2.5 trillion, analysts warns investors to remain cautious. In the wake of Bitcoin’s low-volume breakout and the likely impending correction. Nonetheless, in light of Trump’s increased tariffs, predictions of higher prices for the top cryptocurrencies have flooded the market.
Ethereum, among other cryptocurrencies, has recently made significant increases, breaking $3000 for the first time in months. On Sunday, the price of Bitcoin pumped up due in large part to the positive anticipation among investors around the upcoming Crypto Week. The House Committee on Financial Services has designated July 14–17 as Crypto Week. In light of the abundance of important legislation that is scheduled to be discussed during that period.
With a record $83 billion in assets under management (AUM) on Thursday, BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT, spearheaded the institutional inflows that have bolstered the BTC price boom.
Unlike the gold exchange-traded fund GLD, which took fifteen years to reach the same milestone, IBIT’s AUM tripled in 200 trading days. BlackRock’s Bitcoin ETF has more than 700,000 BTC, which is almost 100,000 BTC more than Strategy.
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Source: https://thenewscrypto.com/bitcoin-hits-new-ath-while-ethereum-crosses-3k-ahead-of-crypto-week/