The cryptocurrency market posted strong gains this past week, with Bitcoin reaching a new all-time high of US$118,629, fuelled by institutional demand and positive market sentiment. The rally lifted the broader crypto market, with several major altcoins following suit.
Bitcoin surged over 9% during the week, buoyed by BlackRock’s iShares Bitcoin Trust surpassing US$20 billion in assets under management, underscoring the growing role of institutional investors in the market. Ethereum also climbed nearly 6%, trading above US$6,400, as traders speculated on continued capital inflows into Ethereum-based products.
Solana and Avalanche were among the week’s top performers, gaining 12.8% and 9.1%, respectively. Both benefitted from increased DeFi activity and investor appetite for high-throughput Layer 1 blockchains.
Meme coins, however, saw mixed performance. Dogecoin rose modestly by 1.5%, while Shiba Inu and Pepe ended the week flat. On the other hand, Toncoin recorded a 3.2% loss, becoming one of the few major tokens to retreat.
The total cryptocurrency market capitalisation now sits above US$2.4 trillion, reflecting increased optimism amid macroeconomic stability and rising risk appetite. Analysts suggest the momentum could continue if institutional flows remain strong and regulatory clarity improves.
With Bitcoin setting fresh records and altcoins showing resilience, market participants remain cautiously optimistic that the bull run has more room to grow.
