Bitcoin’s Record-Breaking Week: Highest Weekly and Daily Closes
Bitcoin has just concluded its most successful week ever, reaching unprecedented highs and setting new records. The cryptocurrency’s momentum continues to build, pushing its price closer to an all-time high.
For six consecutive weeks, Bitcoin (BTC) has seen weekly gains. The most recent weekly close, at midnight UTC on May 18th, hit a record high, just shy of $106,500 according to TradingView. This surpasses the previous high of $104,400 reached in December. Bitcoin subsequently reached its all-time high of $109,358 on January 20th.
Currently, Bitcoin is trading around $104,730, representing a 2% increase over the past 24 hours. It’s now less than 3% away from its all-time peak. Not only did Bitcoin achieve its highest ever weekly close, but May 18th also saw the highest ever 24-hour close, although not its largest single-day percentage gain.
Investor Scott Melker highlighted this remarkable achievement on X (formerly Twitter), declaring it “Bitcoin’s highest daily candle close…ever.” Analyst Rekt Capital further noted that a daily close above $105,000 would establish a new all-time high.
The impressive weekly gains mirror Bitcoin’s November surge, where it added $30,000 across three of its largest weekly candle increases ever. May has already seen Bitcoin climb from roughly $94,000 to over $106,000, adding approximately $12,000 before a slight pullback.
Arete Capital’s McKenna observed a resurgence of the Coinbase premium, indicating positive US market sentiment. They described the strong buying pressure as unusual, suggesting the possibility of significant news next week.
Bitcoin’s Growth Rate Slowdown
Analyst Willy Woo analyzed Bitcoin’s Compound Annual Growth Rate (CAGR), observing a downward trend as the network’s holdings increase. He sees Bitcoin as a new macro asset, absorbing capital until reaching equilibrium. Comparing it to long-term monetary expansion and GDP growth, Woo projects Bitcoin’s annual growth rate to stabilize around 8% in 15-20 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.”
Despite the cooling CAGR, Bitcoin’s recent performance underscores its continued potential for growth and its position as a leading cryptocurrency.