- Bitcoin reached a new all-time high, surpassing $124,000.
- Ether prices also climbed near their earlier record, rising above $4,750.
- Analysts attribute the surge to increased institutional investment, ETF inflows, and a positive economic outlook.
- Experts note that Bitcoin is increasingly seen as a store of value rather than a currency or payment method.
- The cryptocurrency market appears to be gaining broader mainstream acceptance and adoption by large investors.
Bitcoin reached a new all-time high on Wednesday, August 11, trading above $124,000 in the evening hours. Ether, the second-largest cryptocurrency, also increased, approaching its previous record as it crossed $4,750.
According to Coinbase data from TradingView, bitcoin climbed to about $124,380 at around 8:30 p.m. EST. At the same time, ether was less than $150 from its 2021 peak, based on additional figures from Coinbase.
Joe DiPasquale, CEO of BitBull Capital, identified several reasons for the price rally. He said, “Bitcoin’s push to new highs is being fueled by strong ETF inflows, ongoing institutional adoption, and a supportive macro backdrop with rate cuts back on the table.” DiPasquale added, “Once BTC broke through prior resistance, momentum traders piled in, amplifying the rally.”
Investors remain positive, according to DiPasquale. “Sentiment remains firmly bullish as investors view bitcoin as both a growth asset and an inflation hedge,” he said. Tim Enneking, managing partner at Psalion, commented that although bitcoin has reached a new high, more growth may follow. He stated that many companies, countries, and large investors are accumulating bitcoin, emphasizing a changing market.
Enneking said, “Virtually everyone agrees that it has become a nearly perfect store of value: finite supply, not controlled by any single actor, easily transferrable, potentially not traceable, secure, durable and, increasingly, popular with large, institutional investors.” He noted that these characteristics are new, and the market may not fully recognize them yet. Over the past eight months, bitcoin’s value increased by 20%, while Gold appreciated more despite fewer positive trends.
Ben Kurland, CEO of DYOR, shared that both bitcoin and ether reaching high levels shows the crypto sector’s growth. He said, “Bitcoin setting a new all time high and ETH edging ever closer to doing so means we’ve moved from the speculative, retail-driven mania of previous bull runs to a place where institutions are adopting, real-world integrations are happening, and global liquidity is increasingly driving more efficient price discovery.” Kurland highlighted that both assets rising together signals stronger market confidence and suggests cryptocurrency is moving from being considered “alternative” to essential in investment portfolios.
For more details, see the original Coinbase data from TradingView and the referenced contributions from industry experts.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Ex-Coinbase counsel Khurram Dara eyes 2026 New York AG run
- Zoom, Xerox Patch Critical Windows Flaws Enabling Remote Attacks
- AMD Stock Rises 5% as Analysts Bullish Despite China AI Deal
- Crypto Treasury Firms Double, But Most Trade Below Asset Value
- Spot Ethereum ETFs Draw $2.3B in Inflows, Outpacing Issuance
