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.

BTC has added almost 8% over the past week, partly driven by easing global trade tariff tensions and US CPI (core inflation) remaining high, which increases the odds of a September rate cut.

Bitcoin Flips Google

The move pushed Bitcoin’s market capitalization to $2.46 trillion, which enabled the asset to flip Google (Alphabet) for the metric, becoming the world’s fifth-largest asset.

https://twitter.com/coingecko/status/1955822210893173180?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

Analyst ‘Rekt Capital’ said that the $126,000 level “will be the pivotal price point going forward,” as a convincing break will send the asset much higher.

Venture capitalist Chris Burniske predicted an October top for Bitcoin, stating, “if I were to pick numbers, which we all know is a grade above guessing, I’d say BTC to 142,690.”

He also made some bold predictions for Ether to reach $6,900 to $8,000 and for Solana to hit $420 this cycle.

“The crazier prices get in August/September/October, the more conviction I’ll 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.”

“The record highs we’re seeing in Bitcoin and Ethereum are being fueled by an unprecedented wave of institutional capital,” said Rachael Lucas, crypto analyst at BTC Markets, who added:

“Corporate 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.”

Ethereum Inches Close to ATH

Ether also remains hot with 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.

“Ethereum has reached its final major weekly resistance before new all-time highs,” said analyst ‘Rekt Capital’, who explained that the asset will need to turn $4,630 into new support to confirm the upside into price discovery.

https://twitter.com/rektcapital/status/1955636426537603222?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

Additionally, Bitcoin dominance has fallen below 60% which could signal the onset of altseason.