At the start of the past week, Bitcoin reached a new all-time high, briefly surpassing $123,000. However, the excitement was short-lived, with the primary cryptocurrency almost immediately losing $7,000 in value. The subsequent ten days saw Bitcoin trapped in a relatively narrow range between $117,000 and $120,000, with each attempt to break free met with a strong rejection.

The most significant drop occurred recently when Galaxy Digital reportedly started to offload $1.5 billion worth of BTC, causing the cryptocurrency’s price to fall below $115,000 for the first time in two weeks. While Bitcoin has managed to regain some of its losses, it is still struggling to surpass $116,000 and is down by over 2.5% on the weekly scale.

Meanwhile, several altcoins like LTC, ENA, and CRO saw significant gains during the same period. Binance Coin soared to a new all-time high of over $800 before experiencing a slight dip. Ethereum, driven perhaps by substantial inflows into spot Ethereum ETFs, is also in the green, having risen to $3,850 earlier this week. It currently hovers near $3,700, marking a 1.2% weekly increase.

However, recent sharp price corrections from assets like XRP, XLM, HBAR, PEPE, and AAVE have dampened some of the altseason speculation. These cryptocurrencies have all endured double-digit losses since last Friday.

Key market data: Market Cap: $3.876T | 24H Vol: $265B | BTC Dominance: 59.4%. BTC: $115,670 (-2.6%) | ETH: $3,684 (+1.2%) | XRP: $3.06 (-13%).

This week’s notable crypto headlines include BlackRock’s Ether ETF becoming the 3rd fastest fund to hit $10B in a year, a $140M sell-off by a Ripple co-founder that crashed XRP on Binance, Robert Kiyosaki urging investors to own actual BTC rather than ‘paper’ ETFs, and Bitfinex’s report suggesting investor shift from Bitcoin to altcoins. For a full price analysis of Ethereum, Ripple, Cardano, Solana, and HYPE, click here.

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A host of altcoins, including SUI, CRO, UNI, ALGO, and more, also registered remarkable gains mirroring Bitcoin’s upward trajectory. The tumultuous week once again demonstrated the unpredictable nature of the crypto world. Just a week ago, Bitcoin was trapped within a narrow range, struggling to surpass the $110K mark.

However, the crypto bulls broke the resistance on Wednesday, propelling Bitcoin to $112K. The climb didn’t stop there, with the digital currency nearing $119K by Friday. After a quiet Saturday and most of Sunday, Bitcoin once again made headlines, soaring past $119K to set a new record. The latest all-time high now sits over $123K, marking a roughly $15K increase since last Wednesday.

The unexpected surge caught short traders by surprise, leading to total liquidations of up to $730 million. One notable instance was a whale who faced a near $100 million liquidation on Binance.

When questioned about the possible factors behind the surge, Redstone’s Co-founder and COO, Marcin Kazmierczak, said, “Bitcoin’s breakthrough over $120K marks a significant psychological milestone, extending its impressive 28% year-to-date gain. The move follows President Donald Trump’s decision to impose a 30% tariff on the EU and Mexico, alongside growing institutional adoption through record ETF inflows.”

Altcoins have been riding on the coattails of Bitcoin’s stellar performance. Ethereum has reclaimed the $3,000 mark after a 3% daily increase. Other altcoins, including BNB, SOL, DOGE, ADA, HYPE, TRX, and LINK, have registered comparable growth. XRP is nearing $3 following a 6% daily boost, with other cryptocurrencies like XLM, HBAR, AAVE, TAO, and ONDO showcasing even more impressive growth. SUI, UNI, and CRO have recorded double-digit gains.

The total crypto market cap has ballooned by over $100 billion since yesterday, inching close to $3.9 trillion.

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