Bitcoin hits weekly high while recording its worst quarterly return

Bitcoin (BTC) has surpassed $90,000 for the first time in seven days, according to RBC.

On the morning of Dec. 29, the leading cryptocurrency rose nearly $3,000, climbing from around $87,500 to $90,300 — the highest level since Dec. 22. During the same period, the total market capitalization of cryptocurrencies increased by 1.8%, reaching $3.02 trillion.

Ethereum-ը (ETH) կրկին գերազանցել է 3,000 դոլարը։ Ալտքոյնը 24 ժամվա ընթացքում աճել է 2.7%-ով և վաճառվում է մոտ 3,010 դոլարով։

Ethereum (ETH) also surpassed $3,000 again. The altcoin rose 2.7% in 24 hours and is trading around $3,010.

Prices of the other top 10 cryptocurrencies grew by approximately 3%. Among the top 100 cryptocurrencies, Canton (CC) recorded the largest gain with an 11% increase, while Pippin saw the largest drop at 8%.

According to SoSoValue, U.S. Bitcoin exchange-traded funds (ETFs) saw a net outflow of $782 million at the end of last trading week. Since the beginning of the month, outflows have exceeded $1 billion. Ethereum ETFs showed a similar pattern, with $102 million withdrawn in the past week and $603 million in December alone.

Despite the recent gains, Bitcoin is registering its worst quarterly return in the past 2.5 years. Coinglass data indicates that BTC has fallen 22.7% since early October. The last time Bitcoin experienced lower quarterly returns (-57%) was during the collapse of the Terra crypto project in Q2 2022.

Analysts note that bearish conditions in the market persist. For rising sentiment to continue, Bitcoin not only needs to surpass the $90,000 level but also maintain it above that threshold.