This week, Bitcoin climbed to $95,000, marking its largest single-week gain since 2016. This surge follows a recovery in other risk assets such as the Nasdaq 100, reflecting a more optimistic investor sentiment.
Bitcoin: Largest Weekly Gain Since 2016
Bitcoin has risen to $95,000, showing a 12% weekly increase. This increase coincides with notable gains in other risk assets, such as the Nasdaq 100, which also rose by approximately 5%. The market's recovery follows a period marked by geopolitical tensions and trade uncertainties.
Growth Driven by Macroeconomic Factors
According to Jack Ostrovsky from Wintermute, this rally underscores the influence of macro and geopolitical factors on cryptocurrency markets. He emphasized that Bitcoin is leading this increase among risk assets, contributing to volatility in other cryptocurrencies. "Amid the constant shocks, the implied correlation within cryptocurrencies remains high," Ostrovsky noted.
Market Reaction and Trends
Bitcoin continues to dominate the cryptocurrency market with a capitalization of $1.90 trillion, controlling 63.49% market share. Recent gains, driven by a 12.97% rise over the past week, highlight its volatility. Current trading volumes reached $38.72 billion.
Bitcoin's recent rise above $95,000 highlights the significance of macroeconomic conditions for the overall state of the cryptocurrency market.
