Bitcoin Price Hits Weekly Record High of $70,199, Outshines S&P Index 500

Bitcoin reached a new all-time high, touching $70,199 on the Coinbase exchange. This increase in Bitcoin value not only created a new milestone for the cryptocurrency but also substantially outperformed the weekly gains of the S&P 500 index. Another major cryptocurrency, Ethereum, also increased significantly and almost reached the level of $3,400. The performance of these digital assets is indeed a fascination, with their weekly returns outperforming that of traditional equity indexes.

This achievement has been highlighted by Santiment, one of the dominant on-chain data aggregators, in a tweet that they have recently posted. Based on their analysis, Bitcoin and Ethereum have already made spectacular gains of 10% and 14.7%, respectively, over the last week. On the other hand, the S&P 500 index showed a small rise of +0.5%. This discrepancy highlights the increasing separateness of the two major cryptocurrencies from classical stock markets, whetting traders` appetite even more for the persistence of this bullish run.

Bitcoin Price and Market Sentiment

The recent peak of Bitcoin was discussed quite a lot on social media, but not with the exuberance seen in earlier rallies. Santiment states that the current conversation volume is at 27.5%, which is a good level of interest but without the extremes of fear or greed typically observed at market tops. Another positive sign for the future of Bitcoin is the resurgence of activity by the previously dormant wallets, indicating an interest in getting Bitcoin moving once again—a typical characteristic of bull markets.

The features signal a bullish position for Bitcoin with space for further growth until the signs of market saturation and euphoria come. The fact that Bitcoin moves from inactive wallets into the market is of particular interest, as it represents the wider involvement with the cryptocurrency at times of price rise.

Analyst Foresees Bitcoin Peak Between Nov 2024-Feb 2025

The possibility of how Bitcoin might move after cryptocurrency analyst and trader Ali Martinez gave the latest all-time high. Using historical data, Martinez suggests that a new market peak for Bitcoin usually takes 8 to 11 months from the date of an all-time high. This provides evidence that the next major Bitcoin price milestone might fall between November 2024 and February 2025.

After hitting an all-time high of $70,200, Bitcoin has pulled back a bit and is now trading at $68,400. From Martinez’s standpoint, Bitcoin’s market dynamics possess a longer range, meaning that the journey to the next peak has just started.

Read Also: Ethereum About To Hit $4K Against All Odds

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.