To say that the past seven days were exciting would be an understatement. According to CoinGecko, the total cryptocurrency market capitalization increased by almost $300 billion and peaked at around $3.8 trillion. This comes on the back of a historic milestone for Bitcoin and the strong performance of many altcoins, so let’s dive into the price action.

All eyes were turned on Bitcoin this week. To be completely honest, the price action was relatively dull and rather depressing for the first part of the week. BTC was chopping between $98,000 and $96,000, even dropping to a low below $94,000 at one point. The bulls weren’t active. This all changed on Wednesday when the price shot up toward $99,000.

Most of the community were convinced that the price would once again be stopped there, but the buyers had something else in mind. On Thursday morning (Central European Time), the price exploded above $100,000 for the first time in history, thus completing one of the most iconic milestones in Bitcoin’s history. And it didn’t stop there, either. It charted a new all-time high at around $104,000, but that’s where the sellers stepped in, picking up a huge amount of overleveraged long positions and causing a massive drawdown extended all the way to $92,000 (on Bitstamp).

Yes, that’s what hundreds of millions of overleveraged long positions can cause to the price when there’s significant selling pressure. Fortunately, Bitcoin recovered and is currently found at around $98,000.

As we mentioned, though, it wasn’t just BTC that was soaring. The best performer from the top 10 is undoubtedly Ripple’s XRP. The cryptocurrency exploded by as much as 60% at one point but has since retraced a little bit and is currently trading at $2.30. Ethereum is also up by about 7.6%, Binance Coin (BNB) is up by 8.5%, ADA – by 8%, and so forth.