Bitcoin has notched its highest-ever weekly close as crypto market momentum continues and the cryptocurrency is again nearing its all-time high.<\/p>\n
Bitcoin (BTC<\/a>) has closed at a weekly gain for the past six weeks in a row, and its most recent close at midnight UTC on May 18 was its highest weekly close ever at just below $106,500, according<\/a> to TradingView.<\/p>\n Its last highest weekly close was in December when it reached $104,400. It later went on to reach an all-time high of $109,358 on Jan. 20, according to TradingView.\u00a0<\/p>\n Bitcoin is now less than 3% away from its peak price and has gained 2% over the past 24 hours to trade around $104,730 at the time of writing.<\/p>\n Bitcoin also posted its highest-ever close in a 24-hour period on May 18. However, this is not the largest daily gain Bitcoin has made.<\/p>\n \u201cBitcoin just had its highest daily candle close… ever,\u201d investor Scott Melker posted<\/a> to X on May 19.\u00a0<\/p>\n With a daily close above $105,000, \u201cBitcoin will develop a brand new higher high,\u201d said<\/a> analyst Rekt Capital.<\/p>\n BTC\/USD weekly timeframe. Source: <\/em>TradingView<\/em><\/a><\/p>\n Bitcoin\u2019s weekly gains over the past six weeks are mirroring its gains in November when it added $30,000 in three of its largest weekly candles ever.<\/p>\n It has added around $12,000 so far in May, climbing from $94,000 to over $106,000 before it pulled back to around $105,400.<\/p>\n Related: <\/strong><\/em>BTC price to $116K next? Bitcoin trader sees ‘early week’ all-time high<\/strong><\/em><\/a><\/p>\n Additionally, Arete Capital partner \u201cMcKenna\u201d said<\/a> the Coinbase premium had returned, which measures US sentiment<\/a> by comparing the difference between Coinbase\u2019s BTC\/USD pair and Binance\u2019s BTC\/USDT equivalent.\u00a0<\/p>\n The \u201cstrength of this bid on a Sunday night feels strange,\u201d they said, adding its \u201cpossible someone knows some important news dropping next week.\u201d<\/p>\n On May 18, analyst Willy Woo dived<\/a> into Bitcoin\u2019s compound annual growth rate (CAGR<\/a>), noting that it was trending downward as the network continues to store more capital.<\/p>\n \u201cBTC is now traded as the newest macro asset in 150 years, it’ll continue to absorb capital until it reaches its equilibrium,\u201d he said.<\/p>\n Woo compared it to long-term monetary expansion of 5% and GDP growth<\/a> of 3%, estimating that Bitcoin\u2019s annual growth rate will be around 8% in around 15 to 20 years when it has settled.\u00a0<\/p>\n \u201cUntil then, enjoy the ride because almost no publicly investable product can match BTC performance long term, even as BTC’s CAGR continues to erode.\u201dBitcoin annualized growth rate. Source: <\/em>Willy Woo<\/em><\/a><\/p>\nBitcoin\u2019s CAGR cools down<\/h2>\n