Although it dominated headlines and celebrations across crypto social media, bitcoin (BTC) was just one of many assets to attain a new all-time high on Thursday.
Alternative digital assets with market capitalizations exceeding $300 million that attained an all-time high this week include Hyperliquid (HYPE), FastToken (FTN), Saros (SAROS), GHO (GHO), and BUILDon (B).
Many smaller coins also achieved record prices.
Despite this competition, BTC certainly distinguished itself among its large-cap peers. Indeed, it was the only asset among the top 10 largest digital assets that was trading at an all-time high this week.
Several macro tailwinds supported BTC and this week’s crypto rally.
BTC rallied the highest among the top 10 digital assets
First, broad market indices like the S&P 500 hit all-time highs. Several international indices like Hang Seng traded within 2% of their respective highs.
As a risk-on environment drove investment flows to riskier sectors, digital assets enjoyed a boost.
Moreover, market tradewinds are particularly favorable to BTC due to a new spree of treasury companies. Doubling in number over the last six months, these MicroStrategy (MSTR) wannabes are routing equity and bond flows into spot BTC demand.
Multi-billion-dollar public companies like MARA Holdings, Riot Platforms, Galaxy Digital, and Gamestop are purchasing BTC in quantities that dwarf any prior year.
There are at least 147 public companies holding BTC on their balance sheets.
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In addition, BTC enjoys the ongoing expansion of spot BTC ETFs, which have seen consistent inflows in 2025. As investors have purchased spot BTC ETFs, the number of coins held in these funds has increased 12% from 1,123,110 to yesterday’s 1,257,338.
Finally, BTC is benefiting from unprecedented political favor. Several governments have announced strategic BTC reserves or stockpiles, and even Donald Trump’s company is investing in BTC.
Year to date, BTC rallied over 26% into Thursday’s all-time high. Its market capitalization of $2.3 trillion now exceeds Alphabet, Meta, Berkshire Hathaway, and Saudi Aramco.