Bitcoin Hits New All-Time High Of $119K Ahead Of Crypto Week

Bitcoin has defied short-term expectations to set a new all-time high (ATH) of $119K in a weekend characterized by dwindling liquidity. Other cryptocurrencies are posting impressive gains, with Ethereum (ETH) briefly clinching $3K ahead of Crypto Week.

Bitcoin Price Soars To New Peak

According to CoinMarketCap data, the price of Bitcoin spiked to reach a record high of $119,292, gaining nearly 2% in a day. Earlier in the day, Bitcoin traded as low as $116K as daily trading volumes fell by 20.19% to settle at $44.37.

While the ATH amid low liquidity levels is puzzling to investors, reports of Michael Saylor’s Strategy resuming Bitcoin purchases after a one-week pause have jolted prices. On the weekly chart, Bitcoin has gained nearly 10%, setting multiple new highs in a meteoric rally.

As the asset’s market capitalization climbed to $2.5 trillion, Alphractal CEO Joao Wedson urges caution as Bitcoin broke out with low volume, predicting a near-term correction. However, projections of higher prices for the largest cryptocurrencies have flooded the space amid heightened Trump tariffs.

Other cryptocurrencies have since posted impressive gains, with Ethereum breaching $3K for the first time in months. HYPE set a new all-time high of $48.78 off the back of a 7% rally in the last day, with XRP and ADA surging by 6%.

Crypto Week Stokes Market Optimism

The incoming Crypto Week is fuelling positive enthusiasm among investors, playing a key role in the Sunday pump for Bitcoin price. The House Committee on Financial Services branded July 14-17 as Crypto Week, given the raft of key legislation to be deliberated upon.

During the Crypto Week 2025, the House will consider three pivotal cryptocurrency-themed legislation, including the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. Experts say that a “yes vote” on the three bills will usher in renewed interest for cryptocurrencies with stablecoin issuers bracing for the passage of the GENIUS Act.

However, a last-minute dash by the House Democrats to launch an Anti-Crypto Corruption Week has done little to dampen the enthusiasm of cryptocurrency investors. At press time, the global cryptocurrency market capitalization sits at $3.71 trillion, up by nearly 3% over the last day in a rally driven by Bitcoin.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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