Bitcoin Rally Regains Momentum: A Weekly Recap

After a prolonged period of inactivity, bitcoin witnessed a significant upswing this week, reaching a high of over $95,000. This upward trend, which saw a 12% increase during the workweek, can be attributed to improved macroeconomic conditions and a perceived easing of trade tensions. The CoinDesk 20, a benchmark that tracks approximately 80% of the crypto market capitalization, saw a 10% increase over the past five days. According to John D'Agostino, Coinbase Institutional's representative, the rally can be attributed to the accumulation of bitcoin by institutions and sovereign wealth funds, whereas retail traders are opting to exit bitcoin ETFs. Institutional support for bitcoin continued to grow, with the launch of Twenty One Capital, a new bitcoin investment company backed by prominent industry players. This development is expected to further boost bitcoin's corporate treasury, which will become the third-largest in the industry. Meanwhile, market analysis suggests that traders are becoming more confident in holding bitcoin through market fluctuations. As a result, bitcoin has surpassed Google's market capitalization, becoming the fifth most valuable financial asset. In other news, the highly anticipated Zora token launch experienced a lackluster debut, with analysts citing 'VC tokens' with limited liquidity as a major concern. However, the rising prices of core crypto assets are creating opportunities for innovative Web3 ideas, such as the launch of a blockchain-based video game and ecosystem by the popular British TV series Peaky Blinders. The current market trends suggest that bitcoin and stablecoins are emerging as top performers, with the latter expected to experience significant growth in the near future.