Bitcoin has defied short-term expectations to set a new all-time high (ATH) of $119K in a weekend characterized by dwindling liquidity. Other cryptocurrencies are posting impressive gains, with Ethereum (ETH) briefly clinching $3K ahead of Crypto Week.
According to CoinMarketCap data, the price of Bitcoin spiked to reach a record high of $119,292, gaining nearly 2% in a day. Earlier in the day, Bitcoin traded as low as $116K as daily trading volumes fell by 20.19% to settle at $44.37.
While the ATH amid low liquidity levels is puzzling to investors, reports of Michael Saylor’s Strategy resuming Bitcoin purchases after a one-week pause have jolted prices. On the weekly chart, Bitcoin has gained nearly 10%, setting multiple new highs in a meteoric rally.
As the asset’s market capitalization climbed to $2.5 trillion, Alphractal CEO Joao Wedson urges caution as Bitcoin broke out with low volume, predicting a near-term correction. However, projections of higher prices for the largest cryptocurrencies have flooded the space amid heightened Trump tariffs.
Other cryptocurrencies have since posted impressive gains, with Ethereum breaching $3K for the first time in months. HYPE set a new all-time high of $48.78 off the back of a 7% rally in the last day, with XRP and ADA surging by 6%.
The incoming Crypto Week is fuelling positive enthusiasm among investors, playing a key role in the Sunday pump for Bitcoin price. The House Committee on Financial Services branded July 14-17 as Crypto Week, given the raft of key legislation to be deliberated upon.
During the Crypto Week 2025, the House will consider three pivotal cryptocurrency-themed legislation, including the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. Experts say that a “yes vote” on the three bills will usher in renewed interest for cryptocurrencies with stablecoin issuers bracing for the passage of the GENIUS Act.
However, a last-minute dash by the House Democrats to launch an Anti-Crypto Corruption Week has done little to dampen the enthusiasm of cryptocurrency investors. At press time, the global cryptocurrency market capitalization sits at $3.71 trillion, up by nearly 3% over the last day in a rally driven by Bitcoin.
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