Bitcoin has set a new milestone, recording its highest-ever weekly close as bullish sentiment continues to fuel the cryptocurrency market.
With a weekly close just shy of $106,500 on May 18, Bitcoin surpassed its previous record from December 2024, when it ended the week at approximately $104,400, according to data from TradingView.
The rally marks six consecutive weeks of gains for the world’s largest cryptocurrency. Bitcoin’s performance over the weekend brought it within striking distance of its all-time high of $109,358, recorded on January 20 this year. As of writing, Bitcoin was trading around $104,730—just under 3% from its peak.
According to Cointelegraph, The digital asset also logged its highest-ever daily closing price on May 18. While it wasn’t the largest one-day jump on record, analysts noted the technical significance of the new high.
“Bitcoin just had its highest daily candle close… ever,” posted investor Scott Melker on X (formerly Twitter) on May 19. Market analyst Rekt Capital added that a daily close above $105,000 would mark a new higher high, reinforcing the ongoing uptrend.
Momentum Echoes November Surge
Bitcoin’s recent performance mirrors its bullish breakout in November, when it surged by $30,000 over three weeks—one of the most explosive moves in its history. In comparison, May has seen a more measured rise, with gains of roughly $12,000 so far, climbing from $94,000 to over $106,000 before a slight pullback to around $105,400.
Investor optimism also appears to be returning to U.S. markets. Arete Capital partner McKenna pointed out the reappearance of the so-called “Coinbase premium,” a metric that tracks the price difference between Bitcoin trading pairs on Coinbase and Binance. This suggests renewed buying pressure among American investors.
“The strength of this bid on a Sunday night feels strange,” McKenna remarked, hinting that market participants may be anticipating impactful news in the days ahead.
Long-Term Growth Slows—But Still Strong
On a broader timescale, Bitcoin’s compound annual growth rate (CAGR) appears to be gradually declining. Analyst Willy Woo noted on May 18 that the trend reflects Bitcoin’s maturation into a macroeconomic asset, now absorbing larger amounts of capital as its market cap expands.
“Bitcoin is now traded as the newest macro asset in 150 years,” Woo said, projecting that its CAGR will eventually stabilize around 8% in the next 15 to 20 years, aligning with global monetary and economic growth rates.
Despite this cooling, Woo remains optimistic: “Almost no publicly investable product can match Bitcoin’s long-term performance, even as CAGR continues to erode.”
