BTC/USD: Bitcoin Scores New Record Above $124,500 as “Everything Rally” Hits Fever Pitch
1 min read
Key points:
- Bitcoin with a new record
- Ether is almost there too
- Stocks are already there
OG token was accumulating for a few weeks before blasting off to its new record. Ethereum is also inches away from eclipsing its own 2021 record.
🚀 Bitcoin Blasts to Fresh ATH
- Bitcoin prices (BTCUSD) surged past $124,500 Thursday morning, breaking its July 14 record of $123,000 and capping off weeks of steady accumulation by big-money buyers.
- The milestone came in sync with a broad “buy everything” rally that’s sent US stocks to new peaks this summer. It’s a mosaic of data and expectations that have blended to produce a powerful rally you won’t see in any textbook.
- Bitcoin’s market cap now sits near $2.5 trillion, cementing its dominance as the world’s largest cryptocurrency that’s still a teenager at 16 years old.
📈 Risk-On Fever Sweeps Markets
- The S&P 500 notched its second consecutive record close on Wednesday, extending the Tuesday run, and helping hesitant crypto buyers to take the chance and jump right into the momentum.
- What’s driving all that buying? US inflation data came in lower than expected at 2.7%, boosting the odds of a September rate cut by the Fed, which investors see as a green light for capital to flow into high-volatility plays.
- Now more than 90% of market participants believe that Jay Powell will cut rates next month. Some are even betting on a jumbo-sized 50-basis-point cut. From Wall Street to crypto exchanges, traders are drawing from the same well of optimism — lower rates, looser financial conditions, and a hunger for gains.
💥 Ether Nears Record
- Ethereum (ETHUSD) is just inches from eclipsing its 2021 all-time high, helped by sustained demand from corporate treasury buyers and big inflows into ETH-focused funds.
- Together, BTC and ETH account for about 70% of all crypto traded, with Ether’s market cap now pushing $580 billion.
- The total crypto market valuation reached a record… wait for it… $4.20 trillion, a meme-worthy milestone that underscores how frothy — and broad — this rally has become.