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Institutional interest and expectations for a Fed rate cut are fueling a surge in both Bitcoin and the broader digital asset market.
Key Takeaways
- Bitcoin reached a new all-time high of $124,000.
- Other crypto assets have also surged, with Ethereum trading above $4,700, just 3% below its November 2021 record.
Bitcoin reached a fresh all-time high on Wednesday evening, surpassing $124,000 for the first time after topping the previous $123,000 record set last month.
Bitcoin’s value rally has lifted it above Alphabet and Amazon, restoring its rank as the fifth-largest asset by market capitalization, according to CompaniesMarketCap.
Data from TradingView shows that the world’s largest crypto asset currently hovers around $123,591, representing a 7% increase in the last seven days.
The latest gains come as markets price in a potential September interest rate cut, driven by weaker-than-expected job growth, inflation near forecasts, and sustained institutional interest. US Treasury Secretary Scott Bessent has urged the Fed to consider a 50-basis-point rate cut.
Other crypto assets have also risen. Ethereum is hovering around $4,700, just 3% below its November 2021 all-time high of $4,878.
In daily returns, OKX’s OKB token led with a 134% surge. Other exchange tokens, including Bitget’s BGB, Gate’s GT, and KuCoin’s KCS, as well as Ethereum layer 2 tokens like Optimism’s OP and Arbitrum’s ARB, also posted strong gains.
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