The rally in cryptocurrencies continues, with the price of Bitcoin (BTC) nearing $80,000 U.S.
In early trading on Aug. 24, Bitcoin was trading at $78,150 U.S., having gained 1% in the past 24 hours.
The largest cryptocurrency by market capitalization has now gained 24% over the past week as its price has risen from $63,000 U.S.
Other digital assets also continue to rally higher. Ethereum (ETH), the second largest crypto, has risen nearly 2% in the past 24 hours to trade at $2,480 U.S.
Some analysts had warned that the rally in cryptocurrencies could fade over the weekend as investors disengaged. But that has not proven to be the case.
Although some smaller crypto and meme coins, such as Solana (SOL) and Dogecoin (DOGE), did see modest pullbacks during the weekend, the overall rally appears to remain intact.
Bitcoin and Ethereum, in particular, have risen sharply in recent days after several catalysts emerged for the digital asset sector.
After meeting with crypto executives, U.S. President Donald Trump publicly called on Congress to pass the Clarity Act legislation that would regulate digital assets.
And U.S. Treasury Secretary Scott Bessent is actively intervening in the bond market to lower yields on government paper.
Lower interest rates favour risk assets such as cryptocurrencies and stocks.
The question being hotly debated online now is how long the rally in crypto will last and if Bitcoin can break above $80,000 U.S. on its way back to $100,000 U.S.
Until the past week, Bitcoin had been rangebound between $60,000 U.S. and $65,000 U.S. and stuck in a “crypto winter” that began last October.
The price of Bitcoin peaked at an all-time high of just over $126,000 U.S. last autumn before steadily declining for most of this year.
