Bitcoin Posts 24% Weekly Gain, Nears $79K, Altcoins Lag Behind

Bitcoin rose about 24% over the past week, approaching $79,000, marking its best performance since 2023. Ethereum gained about 30% over the same period to above $2,500, but the Total3 index, which excludes Bitcoin and Ethereum, pulled back after an early-session surge and now stands at about $753 billion, recording a weekly decline. Bitcoin dominance briefly rose to about 61% this week before retreating to near 59%, close to its yearly high. CoinMarketCap's Altcoin Season Index stands at 46, well below the 75 threshold that defines an altcoin season, indicating that most altcoins have underperformed Bitcoin over the past 90 days. The latest rally was driven by the U.S. Treasury's announcement to double its long-term bond buyback scale from $2 billion to $4 billion, with a weaker dollar prompting funds to flow into Bitcoin as an inflation hedge. Trump subsequently met with crypto executives at the White House and pushed Congress to pass the Clarity Act. Bitcoin's breakout above $70,000 triggered a short squeeze, with Bitget Wallet research analysts estimating that over $4 billion in crypto shorts were liquidated within two to three days. A sustained break above $80,000 could open the door to the $82,000-$87,000 range.