Bitcoin Eyes $100K, Ethereum's Evolution and Crypto Market Rally: This Week in Crypto

This week was a rollercoaster ride for the cryptocurrency market. Bitcoin surged to a multi-month high, Ethereum is evolving beyond a blockchain and the crypto market rallied despite legislative setbacks.Here’s a quick recap of the top stories.Bitcoin’s Bullish RunBitcoin surged to a multi-month high of $87,270 on Monday before retreating below $84,000 as US bond yields climbed. Despite this, the retreat seems temporary as Bitcoin has formed strongly bullish chart patterns, and ETF inflows have surged. Spot BTC ETFs had over $134 million in assets on Friday, with BlackRock’s IBIT adding $97 million and Fidelity’s FBTC adding $49 million.Bitcoin’s Rare StreakBitcoin is on track for its first positive August-September combination since at least 2013, a pattern that historically sets up a strong "Uptober." CoinGlass data shows Bitcoin gained 24.95% in August, its third-strongest August since 2013 and best since 2017, crushing the historical August average of 2.82%. Read Also: Ethereum’s EvolutionVitalik Buterin, the co-founder of Ethereum, stated that Ethereum is gradually transforming from just a blockchain into a "much bigger" network with multiple layers. Speaking at the 12th Global Blockchain Summit in Shanghai, Buterin expressed optimism about the "huge amount of progress" in the Ethereum world, both at the protocol and application levels.Kalshi’s Trading ScrutinyPrediction market platform Kalshi is under scrutiny for facilitating close to a million trades of nearly identical sizes in a single market. Over one-third of Kalshi’s trading volume speculating on the price of Ethereum was rapid trades clustered around the same order size—$5,500, according to a Wall Street Journal analysis.Crypto Market RallyThe cryptocurrency markets staged a broad rally in the week following the Clarity Act’s failure to advance in the U.S. Senate. Several major tokens and crypto-linked stocks posted double-digit gains as regulators moved ahead with industry rules despite the legislative setback.Read the full article here. Read Also: Ethereum Exchange Supply Hits Record Low as ETH Gains 10% — Is a Correction Next? Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Photo courtesy: Shutterstock