Bitcoin Tops $124K in New Peak as Crypto Market Cap Hits ATH
Main Idea
Bitcoin prices reached a new peak of $124,130, driven by easing global trade tensions and high US CPI, while Ethereum also neared its all-time high, with institutional capital fueling the rally.
Key Points
1. Bitcoin hit a new peak of $124,130, gaining 3.4% on the day and nearly 8% over the past week.
2. The rally was partly driven by easing global trade tariff tensions and high US CPI, increasing the likelihood of a September rate cut.
3. Bitcoin's market capitalization reached $2.46 trillion, surpassing Google (Alphabet).
4. Analyst 'Rekt Capital' identified $126,000 as a pivotal price point for future gains.
5. Venture capitalist Chris Burniske predicted Bitcoin could reach $142,690 by October, with Ethereum and Solana also expected to surge.
6. Institutional capital, including corporate treasuries and sovereign entities, now controls over 3.64 million BTC, worth roughly $447 billion.
7. Ethereum neared its all-time high of $4,770, with analysts suggesting a breakout is inevitable.
Description
Bitcoin prices reached a new peak of $124,130 in early trading in Asia on Thursday morning, according to CoinGecko. It traded even higher on exchanges with a premium, such as Coinbase and Bitstamp. The asset has gained 3.4% on the day, climbing from an intraday low of $119,000 and exceeding its July 14 peak of $123,300. BTC has added almost 8% over the past week, partly driven by easing global trade tariff tensions and US CPI (core inflation) remaining high, which increases the odds of a Septemb...
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