BTC hits a new record high of $79,788 as ETH crosses $3.2k, could it breach $80k this weekend?

Crypto Market Experiences Weekend Pump, Seeing BTC and Altcoins Surge

The crypto market is experiencing a weekend pump, indicating rising interest and participation from retail investors. Bitcoin (BTC) recently surpassed $79,000, establishing a new all-time high of $79,788. Ether (ETH) has also seen significant growth, gaining 30% over the past week, while Cardano (ADA) and Dogecoin (DOGE) have posted double-digit gains.

Bitcoin's All-Time High

Binance reports that BTC's price surged above $79,000, reaching a record high of $79,788. The asset has extended its seven-day gains by 15%, with a 3% increase in the past 24 hours. BTC's 24-hour trading volume is currently around 592,400 BTC, equivalent to $46.7 billion.

Retail Interest Fuels Weekend Pump

The recent crypto upswing is attributed to a weekend pump, where retail traders play a significant role. Weekend pumps often serve as bullish signals, indicating increased trading activity from retail investors when institutional investors are less active.

Liquidations During Upsurge

Data from CoinGlass reveals that the crypto surge led to liquidations worth $384 million, affecting 132,317 traders. $105 million were liquidated from long-position orders, while $90.6 million resulted from short-position blowouts.

The largest single liquidation occurred on Binance, accounting for $13.1005 million and involving the BTC/USDT trading pair.

Top Performers: ADA and DOGE

Among the top ten crypto projects by market capitalization, Cardano (ADA) and Dogecoin (DOGE) stand out as top performers. DOGE gained 7% in the past 24 hours, securing a 50.16% seven-day increase. ADA's price rose by 32% in the last day and 70% over the past week.

Bullish Sentiment

Analysts hold varying perspectives on market developments, but many agree that the overall sentiment in the crypto industry remains bullish. Bitcoin analyst Checkmate suggests that BTC's price remains below its 200-day moving average, indicating further potential for growth.