Bitcoin
has made another attempt at a new all-time high, reaching nearly $123,000 during the Wednesday U.S. session, marking a four-week peak.
Two previous attempts, which peaked at $122,300 on Monday and surpassed $123,000 on July 14, encountered significant selling pressure, dropping prices intraday below $120,000 on both occasions.
Ethereum’s ether (ETH) was also approaching its 2021 peak of $4,865, trading at $4,750, just 3% short of that record. Ether outperformed Bitcoin, gaining 4.5% over the past 24 hours compared to Bitcoin’s 2.3% increase.
The crypto rally has extended to major altcoins, with Solana’s SOL advancing 5% above $200, while Uniswap’s (UNI) and Hyperliquid’s (HYPE) native tokens saw increases of 5%-6%.
Broader capital markets are providing “supportive momentum,” with the S&P 500 and Nasdaq nearing all-time highs, buoyed by softer inflation signals and speculation of Fed easing, according to a market strategist at RialCenter.
The current macro backdrop is conducive for risk assets, as noted in a recent report. “With credit spreads tightening and loan growth picking up, the conditions for a sustained rally are falling into place,” the authors stated. Although the Federal Reserve has been hesitant to cut interest rates, a pivot could prompt investors to shift quickly into higher-risk assets. Market participants currently see over 90% probability for a 25 basis point cut in the September meeting, with increasing pressure on policymakers to consider more significant easing.
“Bitcoin and equities are both responding early, but the market still isn’t fully factoring in what’s ahead,” the report concluded.
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