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Market Update: Is Bitcoin headed for a record high?

Bitcoin's distance to a new record has narrowed to just three percent.

By Mike Hesp
• 2 min read
Market Update: Is Bitcoin headed for a record high?

Bitcoin's distance to a new record has shrunk to just three percent. With a current price of $108,281, the largest cryptocurrency is up about 1% from yesterday and sits roughly $3,500 below its all-time high.

Within the top ten, Ethereum is today's biggest gainer, up about 3%. On a weekly basis ETH is doing even better, up 12%, the largest gains among the big cryptos.

XRP, BNB, Solana and Tron are posting modest gains of less than 1%. Dogecoin is performing a bit better, up almost 3%.

The standout mover of the day is Arbitrum, leaping 18% to leave the rest behind. Pi Network sits at the bottom of the top 100, down 3%.

Despite a few outliers, the broader market edged lower today: total market cap fell 0.8%. The Crypto Fear and Greed Index also slipped two points to 66, still in the "greed" territory.

All eyes this week on a batch of economic data. On Tuesday, Eurostat's new inflation estimates are due, followed by the US ISM Manufacturing PMI. Thursday brings key US employment data, including the NFP report and unemployment figures. Later that day, ISM services data are due. Markets in the US will be closed Friday for Independence Day.

Whether Bitcoin actually breaks through this week and hits a new all-time high depends on how the market interprets these macroeconomic signals. One thing's for sure: a decision is coming.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.