• Bitcoin reached a new all-time high before retracing to US$118,439, maintaining its US$2.35 trillion market cap dominance during Trumps designated Crypto Week.
  • Ethereum is surging towards annual highs at US$3,357, up 30% this month and approaching its January 2025 peak of US$3,473, though still well below its 2021 all-time high.
  • Analysts are making bold predictions with CryptoKaleo suggesting Ethereum could reach US$25k and Bitcoin US$500k, while traders target Bitcoins next resistance at US$130k.
  • Trumps tariff policies continue creating market uncertainty as European leaders discuss responses.

After making a new all-time high at US$123,091 (AU$189,757), Bitcoin has retraced to US$118,439 (AU$182,668). The largest coin still has a market capitalisation of US$2.35 trillion (AU$3.62 trillion) out of the total US$3.79 trillion (AU$5.84 trillion) crypto market cap.

With Crypto Week under way so named by US President Donald Trump it initially looked as though several bills wouldnt pass, but after an intervention by the president, things are back on track. 

Another Trump initiative the tariffs are also keeping market watchers on their toes as uncertainty continues. European leaders are currently discussing their response to Trumps threats, with some countries calling for a strong EU-wide stance.

Meanwhile, Bitcoin dominance seems to weaken, prompting some analysts to call for an imminent altseason.

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True or not, some altcoins have certainly been pumping foremost, Ether (ETH), which is working its way toward a new annual high. Currently, ETH trades at US$3,357 (AU$5,175), coming close to a high set in January 2025 when it reached US$3,473 (AU$5,353) up 30% over the past month.

Though its still short roughly US$1.5k (AU$2.3k) from the all-time high of US$4,891 (AU$7,539) set on 16 November 2021.

Analyst CryptoKaleo, who has more than 700K followers, said on X (Crypto Twitter) that market participants should raise their expectations for ETH arguing we could be in for much, much higher prices and even eyeing US$25k (AU$38.5k).

In another post he also said that Bitcoin could reach US$500k (AU$770k) within a few years. That sentiment was shared by Steve Grasso, CEO of Grasso Global, who made a similar prediction recently, mainly based on the market cap of gold arguing that if BTC were to reach even half of golds cap, those price levels would come into view.

For the time being, traders are targeting the US$130k (AU$200k) mark, which analysts from Glassnode describe as the 2 standard deviation level above the short-term holder cost basis.

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The shortterm holder cost basis tracks what the most recent cohort of buyers paid; moving two standard deviations above that level has historically marked overheated, latestage rallies. On that framework, the next upside stretch target sits indeed near ~$130K.

Related: GameStops Cohen Calls Bitcoin an Inflation Hedge After $500M Buy