Bitcoin Surges Above $124,000, Becomes Fifth-Largest Asset Globally
Bitcoin (BTC) surpassed its previous record, reaching over $124,000 in early Asian trading, following a rally in U.S. equities. Key points include:
- BTC topped the July 14 high of $123,205 before slight profit-taking.
- The S&P 500 achieved its second consecutive record close, indicating a correlation between BTC and stock market movements.
- Bitcoin's market capitalization reached $2.46 trillion, surpassing Google’s $2.4 trillion.
- This milestone follows a year of increasing bullish sentiment driven by a favorable regulatory environment and corporate treasury strategies focused on BTC accumulation.
- Michael Saylor’s strategy of accumulating BTC as a balance sheet asset has influenced smaller public companies and Ether proponents.
- Ether's market capitalization is nearly $575 billion, with both assets accounting for about 70% of crypto trading activity.
- Recent U.S. inflation data aligns with expectations, supporting forecasts for Federal Reserve interest rate cuts.
- Lower borrowing costs may enhance valuations for riskier assets like crypto.
- Technical analysts are targeting $135,000–$138,000 as the next resistance level for BTC.