Bitcoin Tops $124K in New Peak as Crypto Market Cap Hits ATH
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.BTChas added almost 8% over the past week, partly driven by easing global trade tariff tensions and US CPI (core inflation) remaining high, whichincreases the oddsof a September rate cut.Bitcoin Flips GoogleThe move pushed Bitcoinâs market capitalization to $2.46 trillion, which enabled the asset to flip Google (Alphabet) for the metric, becoming the worldâs fifth-largest asset.$BTC is now the 5th largest asset in the world by market cap, surpassing Google.$BTC â 2.456T$GOOG â 2.450T pic.twitter.com/THBXQsiXBRâ CoinGecko (@coingecko) August 14, 2025Analyst âRekt Capitalâ said that the $126,000 level âwill be the pivotal price point going forward,â as a convincing break will send the asset much higher.Venture capitalist Chris Burniske predicted an October top for Bitcoin, stating, âif I were to pick numbers, which we all know is a grade above guessing, Iâd say BTC to 142,690.âHe also made some bold predictions for Ether to reach $6,900 to $8,000 and for Solana to hit $420 this cycle.âThe crazier prices get in August/September/October, the more conviction Iâll have in an October top. If we pull back hard soon and get more muted, then perhaps we can extend this bull [market] for longer.ââThe record highs weâre seeing in Bitcoin and Ethereum are being fueled by an unprecedented wave of institutional capital,â said Rachael Lucas, crypto analyst at BTC Markets, who added:âCorporate treasuries are amplifying the supply squeeze. Public and private companies, along with sovereign entities, now control over 3.64 million BTC, worth roughly $447 billion, which is more than 17% of the total supply.âEthereum Inches Close to ATHEther alsoremains hotwith a four-year high of $4,770 during the Thursday morning Asian session. This brought the asset to within 2.5% of its 2021 all-time high, and breaking it this week now seems inevitable.âEthereum has reached its final major weekly resistance before new all-time highs,â said analyst âRekt Capitalâ, who explained that the asset will need to turn $4,630 into new support to confirm the upside into price discovery.$ETHEthereum has reached its final major Weekly resistance before new All Time HighsEthereum will need to turn ~$4631 (black) into new support to confirm upside into Price DiscoveryThe last time ETH was at these highs, price upside wicked beyond black for 3 weeks before⌠https://t.co/XkRUEmE5m4 pic.twitter.com/DweH51Q2jcâ Rekt Capital (@rektcapital) August 13, 2025Additionally, Bitcoin dominance has fallen below 60% which could signal the onset of altseason.