Bitcoin has been setting new all-time highs, with its price soaring above $120,000 as the US lawmakers begin 'Crypto Week'. The focus on
pro-crypto legislation is fuelling the rally, with market participants including institutional investors actively participating in Bitcoin's bull run. Notably, the market's optimistic sentiment is also reflected in the
price performance of other cryptocurrencies, including Ethereum (ETH) and altcoin XRP. ETH's open interest has hit all-time highs, while XRP has seen a 10% price jump. A major development in the cryptocurrency sector is the substantial surge in interest in meme coins, like SBET, PENGU, and Dogecoin, despite their volatile nature. In particular, the performance of 'coin stocks' is drawing attention as Coinbase Global's stock has reached a new 52-week high. The current legislative environment is also making an impact on Bitcoin mining, which is recording all-time high levels. With Bitcoin's stellar performance, traders and investors are now speculating about how much further Bitcoin's price can rise. However, some caution that the rally could also take a downturn. Despite the market's bullish performance, some warn about the risk and potential for 'very ugly' scenarios, implying a possible market correction. Further, even though the S&P 500 has reached a record high, it has been overshadowed by Bitcoin's ascend.
HIGH Coin News Analytics from Mon, 30 Dec 2024 08:00:00 GMT to Wed, 16 Jul 2025 17:31:59 GMT -
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