The global cryptocurrency market recorded a sharp rise over the weekend, with Bitcoin reaching an all-time high of $122,000. The surge comes after several days of consistent growth in the market.
Bitcoin, the world’s most traded cryptocurrency, rose by 4% between Sunday and Monday, and has increased by 12.57% over the past week. Ethereum, the second-largest cryptocurrency, gained 3% in the past 24 hours and recorded a weekly gain of over 18%, climbing to $3,040.
Other major cryptocurrencies also saw weekly gains:
- XRP rose by 30%
- Solana increased by 10%
- Dogecoin surged by 20%
- Cardano went up by 29%
Market analysts attribute the surge in prices to increased Bitcoin ETF investments, which have reached $4 billion since May. On July 11 alone, $1.8 billion was invested in Bitcoin ETFs, boosting its price and creating a ripple effect across other digital currencies.
Additionally, upcoming U.S. policy discussions on crypto regulation scheduled for next week are fueling market interest. A reduction in geopolitical tensions in the Middle East is also being cited as a contributing factor to the current market performance.
