Bitcoin briefly reached a new all-time high of $79,388 on Thursday before retreating to $77,794, trading in a roughly $1,900 range over the day. Despite the pullback, BTC posted a 0.4% gain in the last 24 hours and a 4% weekly increase. Other major cryptocurrencies lagged: Ether fell 0.7% to $2,344, XRP dropped 1.7% to $1.42, Solana dipped 1.5% to $85.83, and BNB edged down 0.6% to $635. Over the week, none of these large altcoins matched Bitcoin’s performance, with most staying within ±2%.
Bitcoin Rallies Alone as Altcoins Falter
Typically, crypto market upswings spread across multiple coins, but this time Bitcoin’s solo rally stood out. Analysts point to concentrated investor interest as the key driver for Bitcoin’s singular momentum, rather than a broad market surge. Meanwhile, futures market funding rates have remained negative for 47 consecutive days, suggesting that sell pressure is predominantly in derivatives rather than spot markets.
Geopolitical Uncertainty Adds Pressure
Geopolitical developments are also shaping the crypto landscape. Brent crude prices stayed above $95 a barrel as the US imposed a naval blockade on Iranian ports and Iran kept the Strait closed, fueling market uncertainty. Reports emerged of Iranian forces firing on commercial vessels in the waterway. These tensions are expected to continue indirectly affecting global financial markets and cryptocurrencies alike.
The ceasefire announced by US President Donald Trump on April 7 remains in effect, but Vice President JD Vance canceled his planned trip to Islamabad after Iran declined to send a delegation. White House Press Secretary Karoline Leavitt stated that Trump has not set a deadline for receiving proposals from Iran.
Key Support Level at $76,000
Bitpanda CEO Lukas Enzersdorfer-Konrad attributed Bitcoin’s approach to $80,000 to growing sector maturity and institutional support, adding that stringent regulations are instilling confidence. “We interpret Bitcoin’s climb to these levels as evidence of a strengthening digital asset market, now driven by deepening institutional interest,” the statement read.
However, some observers note that the rally hasn’t spilled into altcoins. They warn that if Bitcoin slips below $76,000, the recent peak of $79,388 could mark a short-term top before another possible move higher. To renew bullish momentum, either improvements regarding Iran or positive signals that attract fresh capital will be necessary.