Bitcoin sets best weekly value result for the first time since 2023

In the 7 days from February 5 to February 12, bitcoin rose by almost 13%, its rate climbing to $ 48,300, the largest increase in a single week since October 2023. Coindesk analysts drew attention to this, citing their own metrics.

Over the same period, the CoinDesk 20 index, which tracks the largest cryptocurrency capitalizations, grew by 11%. In October last year, BTC $98,764.57 Bitcoin -0.11% Market capitalization $1.95 trillion VOL. 24 hours $4.14 billion rose from about $ 26,000 to $ 35,000 in a week, while the first cryptocurrency’s rate showed a 30% increase.

The second largest cryptocurrency, Ethereum (ETH), grew by 9% over the week and is currently trading at $ 2501. Other coins from the top 10 in terms of capitalization have also risen in price over the past 7 days. The Solana token gained more than 10% to $ 106 over the week, while BNB, Cardano (ADA), Dogecoin (DOGE), and XRP gained 3% to 8%.

Avalance (AVAX) returned to the top ten largest crypto assets with a weekly increase of almost 10% to $ 39.7 and Chainlink (LINK), which added about 9% and is trading at $ 20.2, which is the highest for the token since January 2022.

Regarding bitcoin, Marathon Digital Holdings Chairman and CEO Fred Thiel emphasized that the upcoming doubling of the bitcoin rate will double its value compared to gold. Thiel expects BTC to reach ATH by the end of the third or early fourth quarter, after which a sell-off will begin, which may reduce its value.

According to Thiel, this trend will stabilize by the beginning of 2025, after which a gradual increase will begin. Thus, by the end of 2025, bitcoin could reach an ATH of $ 120,000.