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Bitcoin’s price action over the past week has kept traders on their toes. After a slow climb, BTC lit up the charts with a sharp move in the past 24 hours, briefly topping $122,200—less than 1% shy of its all-time high. It’s now hovering near $121,200, with many wondering if a fresh record could be around the corner.
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Some analysts point to global politics as a possible catalyst for Bitcoin’s latest push. An upcoming meeting between US President Donald Trump and Russian President Vladimir Putin is expected to focus on possible peace talks between Russia and Ukraine. While it’s unclear whether any deal will be struck, such developments can sway investor sentiment in global markets.
Macro factors are also in play. The US Consumer Price Index (CPI) report for July, set for release on August 12, could stir further volatility in crypto prices if inflation readings surprise traders.
Bitcoin isn’t the only asset making headlines. Ethereum (ETH) has been powering higher, breaking above $4,300 at one point and currently sitting at $4,249. That’s a 44% jump over the past month and its highest level since December 2021. ETH’s market capitalization now stands at over $520 billion, putting it ahead of household names like Netflix and Mastercard.
The altcoin space is also showing strong momentum. In the last day alone, XRP gained 3%, Litecoin (LTC) added 4%, HYPE jumped 6%, Cronos (CRO) climbed 7%, and ENA surged 10%. On the flip side, a few tokens saw minor pullbacks, including Pi Network’s PI, Bittensor (TAO), and Official Trump (TRUMP).
While short-term price swings remain part of the game, the bigger story is that Bitcoin, Ethereum, and several top altcoins are entering levels not seen in years, signaling a market environment that’s anything but quiet.