Bitcoin Surges to Record High Above $118,000. Where the Crypto Goes Next. — Barrons.com
By George GloverBitcoin surged to a fresh record above $118,000 overnight, the latest new high in a stellar week for the cryptocurrency.The world's largest token by total market capitalization was trading at $118,098 early Friday, up 6.3% over the past 24 hours, according to data from CoinDesk. It peaked as high as $118,740 earlier in the session, before giving up some of its gains.Bets on a September Federal Reserve interest-rate cut, inflows into spot crypto exchange-traded funds, and regulatory tailwinds have all helped to spur this week's rally, powering Bitcoin to its first all-time highs since May.It's only a matter of time before the token tops $120,000, particularly given that U.S. lawmakers are set to review several key digital-asset proposals next week, Pepperstone strategist Dilin Wu said Friday in a research note."If legislative momentum remains strong, ETF inflows persist, and the Fed signals dovish intent, Bitcoin retesting the $120,000 mark before August would not be far-fetched," Wu wrote.Bitget Research analyst Ryan Lee said in a research note that he believes the crypto can hit $120,000 by the end of July.Other tokens were also racking up gains early Friday. Ethereum jumped 7.8%, Solana rose 4.3%, and XRP gained 8.1% over the past 24 hours, according to data from the crypto exchange Kraken.Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.