Bitcoin closed just below $106,500 in its strongest-ever weekly performance, bringing the leading cryptocurrency within 3% of its all-time high.
Bitcoin has achieved its highest-ever weekly close as momentum in the crypto market continues and the cryptocurrency nears its all-time high once again.
Bitcoin has recorded six consecutive weeks of gains, with its most recent close just under $106,500 on May 18 at midnight UTC, marking its highest weekly close to date, according to TradingView data.
Bitcoin previously recorded its highest weekly close in December at $104,400, followed by an all-time peak of $109,358 on January 20, according to TradingView data.
At the time of writing, Bitcoin traded at approximately $104,730, marking a 2% increase over the past 24 hours and placing it within 3% of its record-high price.
Bitcoin recorded its highest-ever 24-hour closing value on May 18. Nonetheless, this did not represent the greatest single-day gain ever achieved by the cryptocurrency.
Investor Scott Melker shared a post on X on May 19, stating that Bitcoin had just recorded the highest daily candle close in its history.
According to analyst Rekt Capital, if Bitcoin closes the day above $105,000, it will form a brand-new higher high.
Bitcoin’s gains over the past six weeks mirror the pattern seen in November, when it added $30,000 across three of its largest weekly candles on record.
Bitcoin has added approximately $12,000 so far in May, climbing from $94,000 to over $106,000 before slightly retreating to around $105,400.
Arete Capital partner “McKenna” noted the reappearance of the Coinbase premium, a metric that gauges U.S. market sentiment by comparing the price gap between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair.
An observer remarked, “The strength of this bid on a Sunday night feels unusual,” and added that “someone might know significant news expected to be revealed next week.”
Bitcoin’s Compound Growth Rate Slows
On May 18, analyst Willy Woo examined Bitcoin’s compound annual growth rate (CAGR) and observed a downward trend as the network continues to accumulate more capital.
He stated that BTC now trades as the most recent macro asset in the past 150 years, and it will continue to absorb capital until it reaches equilibrium.
Woo compared Bitcoin to the long-term monetary expansion rate of 5% and a GDP growth rate of 3%, estimating that Bitcoin’s annual growth rate will stabilize at around 8% within the next 15 to 20 years.
Until then, enjoy the ride because almost no publicly investable product can match BTC performance long term, even as BTC’s CAGR continues to erode.
