Bitcoin has closed the week above $106,000 for the first time ever, marking another historic milestone as crypto market momentum continues to build. According to CoinMarketCap, Bitcoin ended the week at just under $106,500 on May 18, its highest-ever weekly close.
BTC has gone up for the sixth week in a row. Previously, the highest weekly close was $104,400 in December and it reached an all-time high of $108,000 in January. At this moment, Bitcoin is worth $104,116, which is only 4% below its highest price.
Scott Melker, an investor, noted that Bitcoin closed at its highest point in a single day on May 18. According to Analyst Rekt Capital, a move above $105,000 would create a new high, indicating the bulls are still in charge.
Bitcoin has gained almost $12,000 in the month of May, rising from $94,000 to $106,800 and then slightly falling. The price increase is similar to what happened in November, when BTC rose by $30,000 in only three weeks.
On top of that, McKenna from Arete Capital mentioned the return of the Coinbase premium which points to greater demand for cryptocurrencies in the United States. They mentioned that the bid on a Sunday night was unusual which could mean something major is coming.
On the other hand, analyst Willy Woo pointed out that Bitcoin’s growth rate is declining, but it remains higher than most other assets. He believes that BTC’s growth will settle around 8% each year for the next 15–20 years.
Currently, Bitcoin remains one of the strongest performers in the financial market.
Also Read: Bitcoin Surpasses $2.18 Trillion Market Cap for First Time
