SOL is among the top performers over the past week, alongside ZEC, RAIN, XMR, and a few others. HYPE charted a new ATH.
Bitcoin did something we hadn’t seen in over three months in the past few days. But before we get there, let’s take a quick look at what happened last week and how we arrived at this major bullish intersection.
Recall that BTC and the rest of the market were essentially stagnant for weeks (and months) until last Wednesday, when one announcement sent them all flying. Bitcoin soared from under $65,000 to almost $80,000 that Friday. After gaining $15,000 in 48 hours, the asset was due for a correction, which took place over the weekend when it dipped to $75,500.
However, the bulls were more persistent. They returned at the start of the new business week and helped bitcoin recover the losses. Moreover, they pushed it above $80,000 on Tuesday morning for the first time since mid-May. Another leg down followed that dragged the cryptocurrency to just under $78,000 before the landscape changed once again.
Bitcoin quickly reclaimed the coveted $80,000 level and aimed higher. This time, it jumped past $81,000 and touched $81,500 on most exchanges to mark a new 15-month peak. Nevertheless, sellers returned at this point, and the asset slipped to $78,500 minutes ago after the hawkish speech by the new Fed Chair Kevin Warsh at Jackson Hole.
It has managed to rebound and currently sits above $79,000, posting a notable 2.5% weekly increase. However, many alts, such as SOL, ZEC, RAIN, XMR, PUMP, and AAVE, have marked massive double-digit gains. Solana’s token surged past $100 for the first time since late January. In contrast, ADA, XLM, and BCH are down by up to 5% weekly.
Market Data
Market Cap: $2.870T | 24H Vol: $93B | BTC Dominance: 57.5%
BTC: $79,380 (+2.5%) | ETH: $2,510 (+4.7%) | XRP: $1.42 (+0.01%)
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This Week’s Crypto Headlines You Can’t Miss
Why Did Bitcoin Explode Past $81K? 4 Macro Factors Behind the Rally. As mentioned above, BTC surged past $81,000 on a couple of occasions in the past week, even though each attempt was halted. Some of the reasons behind this major rally come from outside the industry and are more macro-related, such as the US Treasury Department’s announcement, rising US debt, and a weakening dollar.
Ripple (XRP) Makes Major Wall Street Push With New Institutional Trading Business. The company behind XRP announced another Wall Street move by launching a new institutional trading business with Ripple Prime. It will allow hedge funds, asset managers, and other institutional clients to execute Total Return Swaps across US-listed equities, indices, and cryptocurrencies.
Revolut Launches First Euro Stablecoin EURR: Here’s Where It’s Available. Revolut launched its first euro-denominated stablecoin to select customers in a few European countries, including Denmark, Poland, and Portugal, with a broader EEA rollout planned. Issued by Bridge, the new asset called EURR operates under the EU’s MiCA framework, redeemable at €1.00 per token.
Circle Puts USDC on the Front of Chelsea’s Shirts in Principal Partnership. In a major partnership announced earlier today, Circle said it will feature USDC branding on Chelsea FC’s shirts starting the 2026/2027 season. The deal includes branding on men’s, women’s, and Academy kits, with Chelsea reportedly aiming for over $60 million annually.
Strategy Adds $1.9B to USD Reserve but Buys No Bitcoin as BTC Position Turns Green. The largest corporate holder of BTC continues rebuilding its USD reserve, adding in total another $1.9 billion in the past week. At the same time, Strategy has not made a single bitcoin purchase for roughly two months, even though its position turned green after the latest rally.
Arthur Hayes Predicts More Dollar Liquidity that Could Push Bitcoin’s Rally Further. The BitMEX co-founder has turned bullish once again, indicating that BTC has entered a new bull market as liquidity injections from US Treasury Secretary Scott Bessent are anticipated to support risk assets. Meanwhile, another popular market observer said BTC’s next rally could send ETH flying all the way up to $20,000.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
