Bitcoin charts new all-time high, over $109,565
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Bitcoin set a new all-time high Wednesday, breaking its record from around the time of the inauguration in January.
Why it matters: This bull run is behaving differently from past crypto booms — most notably, the retreat from the recent high has not led to massive losses.
- Bitcoin dropped about 30% between January and April, as investors pulled back in a risk-off trade amid economic uncertainty driven by tariff policies — but that's a much lighter retreat from prior collapses that saw losses of over 80%.
By the numbers: As of this writing, the new high on CoinGecko was $109,565, less than $800 above the prior high.
- According to Wintermute, a major market maker, the new level to watch is $110,000.
Between the lines: A crucial part of the bitcoin success story since last year has been the launch of bitcoin ETFs.
- CoinShares, which tracks publicly traded instruments that contain cryptocurrency, noted that bitcoin funds have fully recovered the assets under management they lost earlier this spring.
- These instruments might be a crucial part of the reason that bitcoin has a life preserver protecting it from its past massive falls.
Yes, but: This cycle is different in another crucial way.
- In prior crypto bull cycles, even as bitcoin's value rises to new heights, other tokens have also experienced wild runs, which often drives more enthusiasm from traders (professional and otherwise).
- But it's been years since the last all-time high for two other cryptocurrencies that played major roles in both the 2021 and 2017 cycles: ether (ETH) and dogecoin (DOGE).
- (This could still change — analyst reports have been suggesting that a shift could be ahead.)
What we're watching: September or October.
- For the past two cycles, bitcoin has had a weirdly consistent time frame for its true, final all-time high, before a years-long retreat. It makes no sense, but that's what's happened.
- If past is prologue, the final peak should come in September or October, before the air comes out of the racecar's tires.
💠Our thought bubble: If that happens again, it will be just a little too weird.
