Bitcoin Surges Near $123,000 While Ether Approaches 2021 Peak
Bitcoin (BTC) is nearing an all-time high, climbing to $123,000 during the Wednesday U.S. session after two previous attempts at $122,300 and $123,000 were followed by significant sell-offs.
Ethereum's ether (ETH) is trading at $4,750, just 3% below its 2021 peak of $4,865, showing a recent increase of 4.5% in 24 hours compared to BTC's 2.3% rise.
Major altcoins also gained, with:
- Solana's SOL up 5% above $200
- Uniswap's UNI and Hyperliquid's HYPE tokens rallying 5%-6%
The crypto market benefits from broader capital markets, with the S&P 500 and Nasdaq near all-time highs, driven by softer inflation signals and speculation about Federal Reserve easing. Joel Kruger from LMAX Group noted that favorable conditions for risk assets are developing.
10x Research highlighted tightening credit spreads and increasing loan growth as signs of a potential sustained rally. Market participants see over 90% probability for a 25 basis point cut in the September Fed meeting, prompting expectations of deeper easing.
The report indicates that both Bitcoin and equities are reacting early, but the market has not fully priced future developments.