Bitcoin and Ethereum Show New Strength Amid Market Uncertainty
Bitcoin has surged to a record high of US$123,091 (AU$189,757) before settling at US$118,439 (AU$182,668), while maintaining a significant market capitalisation of US$2.35 trillion (AU$3.62 trillion). This occurred during what has been dubbed ‘Crypto Week’ by former President Donald Trump, which initially faced legislative hurdles but has since regained momentum due to presidential intervention.
Alongside Bitcoin’s developments, Ethereum (ETH) is making headlines as it approaches annual peaks. Currently priced at US$3,357 (AU$5,175), ETH has climbed 30% this month, nearing its January 2025 high of US$3,473 (AU$5,353). However, it still has a substantial gap to fill, approximately US$1,534 (AU$2,300) away from its all-time high of US$4,891 (AU$7,539) set on 16 November 2021.
The cryptocurrency market remains volatile, with analysts like CryptoKaleo suggesting ambitious future valuations: US$25,000 (AU$38,500) for Ethereum and US$500,000 (AU$770,000) for Bitcoin. Traders are eyeing a significant resistance point at US$130,000 (AU$200,000), identified by Glassnode as a key level just above the short-term holder cost basis, indicating potential for further gains.
President Trump’s tariff policies are contributing to a climate of uncertainty, as European leaders deliberate on collective responses to his proposals. Market participants are closely monitoring these developments, particularly as Bitcoin’s dominance appears to wane, spurring speculation about an "altseason," where alternative cryptocurrencies could surge in value relative to Bitcoin.
Overall, while Bitcoin and Ethereum are charting new territories, the backdrop of political developments and market volatility continues to shape investor sentiment and strategic decision-making in the crypto landscape.
