The cryptocurrency market posted strong gains this past week, with Bitcoin reaching a new all-time high of US$118,629, fuelled by institutional demand and positive market sentiment. The rally lifted the broader crypto market, with several major altcoins following suit.

Bitcoin surged over 9% during the week, buoyed by BlackRock’s iShares Bitcoin Trust surpassing US$20 billion in assets under management, underscoring the growing role of institutional investors in the market. Ethereum also climbed nearly 6%, trading above US$6,400, as traders speculated on continued capital inflows into Ethereum-based products.

Solana and Avalanche were among the week’s top performers,…