Bitcoin soared to a new all-time high of $124,130 in early Asian trading on Thursday, as reported by CoinGecko. Notably, it traded even higher on platforms like Coinbase and Bitstamp, showcasing its strength in the market. With a 3.4% gain for the day, Bitcoin surged from a low of $119,000, surpassing its previous peak of $123,300 set on July 14. The recent 8% increase over the past week can be attributed to easing global trade tensions and the likelihood of a September rate cut due to high US core inflation. This surge in price propelled Bitcoin’s market capitalization to $2.46 trillion, surpassing Google (Alphabet) to become the world’s fifth-largest asset by market cap. Analysts are eyeing the $126,000 level as a crucial point, with predictions from experts like Chris Burniske pointing towards a potential peak around $142,690. The rise in institutional capital influx has been a key driver behind the record highs for Bitcoin and Ethereum. Rachael Lucas, a crypto analyst at BTC Markets, highlighted the significant holdings by corporate treasuries, public and private companies, and sovereign entities, collectively controlling over 3.64 million BTC valued at $447 billion. On the Ethereum front, the cryptocurrency climbed to a four-year high of $4,770 during the Thursday Asian session, inching closer to its 2021 all-time high. Analysts anticipate Ethereum’s continued upward trajectory, emphasizing the importance of establishing $4,630 as a new support level for further price discovery. Bitcoin dominance dropping below 60% suggests a potential altseason on the horizon, indicating a shift in market dynamics. The cryptocurrency market continues to witness unprecedented growth, setting new milestones and drawing significant interest from institutional investors. In conclusion, the crypto market’s recent surge, led by Bitcoin’s monumental rise and Ethereum’s upward momentum, reflects a broader trend of increasing institutional adoption and bullish sentiment in the digital asset space.
Bitcoin Hits New Record at $124K as Crypto Market Cap Reaches All-Time High
