Bitcoin's Best Weekly Performance

Bitcoin's Best Weekly Performance

Bitcoin has gained 23% since Monday, ending the week trading just below $23,500 with its best weekly performance since April 2019, measured by percentage increase.Throughout its monster weekly rally, bitcoin (BTC, +1.36%)'s price set new record highs in four of the past five days, reaching the current record high of $24,273 Sunday afternoon, per CoinDesk's Bitcoin Price Index (BPI).

Only nine other times in the past five years has bitcoin seen a weekly gain larger than the one posted this week.As the new trading week starts, CME bitcoin futures opened at $23,600, just over 3% higher than their close on Friday.Strong weekend buying pressure has caused CME bitcoin futures to open Sunday trading at higher prices than the previous Friday's close for 10 of the past 12 weeks, per TradingView market data.

Bitcoin's strong weekly performance coincides with the latest flurry of institutional investor activity in bitcoin.Christopher Wood, global head of equity strategy at investment firm Jefferies, is said to have trimmed 5% of his gold exposure and allocated it to bitcoin. Scott Minerd, chief investment officer at Guggenheim Partners, told Bloomberg his firm's analysis shows bitcoin should be worth $400,000. Goldman Sachs was also reportedly picked Friday to lead the Coinbase public offering.Year to date, the bellwether cryptocurrency has gained 226%, per Messari data.

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