FameEX Hot Topics | Bitcoin Records Highest Single-Day and Weekly Closing Prices

Bitcoin has achieved a significant milestone, nearing its all-time high with its highest-ever weekly close. On May 18, Bitcoin came just shy of $106,500, marking a new record for its weekly close. The cryptocurrency is now less than 3% away from its peak price. This surge continues its impressive upward trend, with Bitcoin posting a weekly gain for the past six consecutive weeks, signaling strong momentum in the market.

The previous highest weekly close was recorded in December, when Bitcoin reached $104,400. It continued its rise and hit an all-time high of $109,358 on January 20, according to TradingView data. This consistency in weekly gains reflects a steady build-up toward new price levels. Bitcoin’s impressive performance in May alone has seen it climb from $94,000 to over $106,000 before slightly pulling back to around $105,400.

Alongside its record weekly close, Bitcoin also posted its highest-ever 24-hour close on May 18. However, despite this, it’s important to note that this isn't the largest daily gain Bitcoin has experienced. Investor Scott Melker highlighted the significance of the new daily candle close on May 19, emphasizing that Bitcoin’s price trajectory could continue to develop a higher high. Analyst Rekt Capital suggested that a daily close above $105,000 would create a new peak for the cryptocurrency.

Bitcoin’s performance over the past six weeks mirrors its gains from November when it added $30,000 in some of its largest weekly candles. In comparison, the recent rally has added around $12,000 in May, showing that Bitcoin’s upward trend is both persistent and powerful. Despite some fluctuations, Bitcoin's recovery toward the $105,000 level has created anticipation in the market, with some speculating that important news could emerge soon to further fuel its growth.

On May 18, analyst Willy Woo provided insights into Bitcoin’s compound annual growth rate (CAGR), noting a downward trend as Bitcoin absorbs more capital. He compared Bitcoin’s growth to traditional macroeconomic trends, estimating its growth rate would stabilize at around 8% annually in 15 to 20 years. Woo cautioned that while Bitcoin’s CAGR may continue to erode over time, it still outperforms nearly every publicly investable asset in the long run.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.