BTC/USD: Bitcoin Scores New Record Above $124,500 as “Everything Rally” Hits Fever Pitch
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 ATHBitcoin prices () surged past $124,500 Thursday morning, breaking its July 14 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 MarketsThe 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 , 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 RecordEthereum () is just inches from eclipsing its 2021 all-time high, helped by sustained demand from 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.