Bitcoin climbs to record $124,000, Ethereum approaches ATH

Bitcoin reached a fresh all-time high on Wednesday evening, surpassing $124,000 for the first time after topping the previous $123,000 record set last month.

Bitcoin’s value rally has lifted it above Alphabet and Amazon, restoring its rank as the fifth-largest asset by market capitalization, according to CompaniesMarketCap.

Data from TradingView shows that the world’s largest crypto asset currently hovers around $123,591, representing a 7% increase in the last seven days.

The latest gains come as markets price in a potential September interest rate cut, driven by weaker-than-expected job growth, inflation near forecasts, and sustained institutional interest. US Treasury Secretary Scott Bessent has urged the Fed to consider a 50-basis-point rate cut.

Other crypto assets have also risen. Ethereum is hovering around $4,700, just 3% below its November 2021 all-time high of $4,878.

In daily returns, OKX’s OKB token led with a 134% surge. Other exchange tokens, including Bitget’s BGB, Gate’s GT, and KuCoin’s KCS, as well as Ethereum layer 2 tokens like Optimism’s OP and Arbitrum’s ARB, also posted strong gains.