"Bitcoin Smashes Records with Highest-Ever Weekly and Daily Closes"

Bitcoin Hits Record Weekly Close After Highest-Ever Daily Close Candle

Bitcoin has achieved its highest-ever weekly close amid ongoing momentum in the crypto market, bringing the cryptocurrency closer to its all-time high once again. The latest weekly close for Bitcoin (BTC) took place at just below $106,500, marking a new record, according to data from TradingView. This marks the sixth consecutive week of gains for Bitcoin, surpassing its previous highest weekly close back in December when it reached $104,400. Following this positive trend, Bitcoin is now less than 3% away from its peak price, trading at around $104,730 at the time of writing. It's worth noting that Bitcoin also saw its highest-ever daily close on May 18, further fueling optimism among investors. Despite this achievement, it's important to highlight that this recent daily close does not represent Bitcoin's largest daily gain to date. Investor Scott Melker shared the news via X, emphasizing the significance of this milestone in Bitcoin's price action. Analyst Rekt Capital also chimed in, stating that with a daily close above $105,000, Bitcoin is poised to establish a new higher high. Bitcoin's recent gains have been impressive, reminiscent of its performance in November when it experienced substantial growth over a short period. In May alone, Bitcoin has surged from $94,000 to over $106,000, showcasing its resilience and upward trajectory in the market. Despite a slight pullback to around $105,400, Bitcoin continues to demonstrate strong bullish momentum heading towards its previous all-time high. Moreover, observations about the return of the Coinbase premium have sparked interest among market participants. Arete Capital partner "McKenna" noted the renewed Coinbase premium, signifying positive sentiment among U.S. investors. The Sunday night influx of bids for Bitcoin is believed to be a precursor to potential positive news dropping in the coming week, further adding to the anticipation surrounding Bitcoin's price action.

Bitcoin's CAGR Trends Downward

On May 18, analyst Willy Woo delved into Bitcoin's compound annual growth rate (CAGR), shedding light on the cryptocurrency's evolving market dynamics. As Bitcoin continues to evolve into a macro asset, its CAGR has been gradually declining, reflecting the network's increasing store of capital over time. Woo emphasized Bitcoin's role as a burgeoning asset class that is set to absorb more capital until it reaches its equilibrium point. Comparing Bitcoin's growth trajectory to long-term monetary expansion and GDP growth rates, Woo projected an annual growth rate of around 8% for Bitcoin in the next 15 to 20 years. Despite the decline in its CAGR, Bitcoin's performance still outpaces most publicly investable products over the long term, making it an attractive investment option for many. As Bitcoin continues to chart new milestones and sustain its upward trajectory, market observers remain optimistic about its future potential. With ongoing developments and evolving market dynamics, Bitcoin's journey towards mainstream adoption and widespread acceptance is gaining momentum, solidifying its position as a premier digital asset in the global financial landscape.