Bitcoin was recorded just below $106,500 in its strongest-ever weekly close, placing the leading cryptocurrency within 3% of reaching its all-time peak.
The highest-ever weekly close has been achieved by Bitcoin, as momentum within the crypto market persists and the cryptocurrency approaches its all-time high once more.
A consecutive six-week streak of weekly gains has been recorded by Bitcoin, with its most recent close at just under $106,500 on May 18 at midnight UTC, marking its highest weekly close to date, as per data from TradingView.
The previous highest weekly close was registered in December at $104,400. An all-time peak of $109,358 was subsequently attained on January 20, based on data from TradingView.
Bitcoin was reported to be trading at approximately $104,730 at the time of writing, reflecting a 2% increase over the past 24 hours and placing it within 3% of its record-high price.
Bitcoin’s highest-ever 24-hour closing value was recorded on May 18. Nonetheless, this did not represent the greatest single-day gain ever achieved by the cryptocurrency.
A post was shared on X by investor Scott Melker on May 19, stating that Bitcoin had just recorded its highest daily candle close in history.
According to analyst Rekt Capital, a daily close exceeding $105,000 would result in a brand-new higher high being formed by Bitcoin.
Bitcoin’s gains over the past six weeks have been observed to reflect a similar pattern to those in November, during which $30,000 was added across three of its largest weekly candles on record.
Approximately $12,000 has been added by Bitcoin so far in May, with its value rising from $94,000 to above $106,000 before a slight retreat brought it down to around $105,400.
It was noted by Arete Capital partner “McKenna” that the Coinbase premium had reappeared, a metric used to gauge U.S. market sentiment by assessing the price gap between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair.
It was remarked that the “strength of this bid on a Sunday night feels unusual,” with the addition that it is “possible some significant news is known by someone and expected to be revealed next week.”
Bitcoin’s Compound Growth Rate Slows
On May 18, Bitcoin’s compound annual growth rate (CAGR) was examined by analyst Willy Woo, who observed that it had been exhibiting a downward trend as the network accumulates increasing amounts of capital.
It was stated by him that BTC is now being traded as the most recent macro asset in the past 150 years, and capital will continue to be absorbed by it until an equilibrium is attained.
A comparison was drawn by Woo between Bitcoin and the long-term monetary expansion rate of 5% alongside a GDP growth rate of 3%, estimating that Bitcoin’s annual growth rate would stabilize at approximately 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.
