Bitcoin hits all-time high in one month... Ethereum also nears all-time high [Decenter Market Report]

Bitcoin (BTC) has set a new all-time high in a month. Ethereum (ETH) also surpassed $4,700 for the first time in four years, approaching its previous peak.

According to CoinMarketCap, a global cryptocurrency market tracking site, as of 8 AM on this day, BTC was trading at $123,230.69, up 2.73% from 24 hours earlier. It briefly rose to $123,617, breaking the previous month's high of $123,091.61 before slightly adjusting.



At the same time, ETH was trading at $4,737.98, up 3.62%. This is the first time ETH has exceeded $4,700 since 2021, just 2.65% below its previous peak.

Other major altcoins also showed an upward trend. XRP rose 0.35% to $3.279, and Solana (SOL) increased 5.17% to $201.15.

The domestic market also maintained its strength. On the domestic exchange Bithumb, BTC recorded 167.73 million won, up 2.18% from the previous day. ETH was up 3.19% to 6.46 million won, while XRP was trading at 4,468 won, down 0.13%.

The cryptocurrency market's upward trend is interpreted as a result of increased risk asset preference due to expectations of a September rate cut by the US Federal Reserve. The S&P 500 and Nasdaq indices also closed at new all-time highs for two consecutive days.

Joel Kruger, market strategist at LMAX Group, a foreign exchange and crypto asset platform, said, "Signals of eased inflation and expectations of a Fed rate cut are providing momentum to the broader capital markets, with the S&P 500 and Nasdaq moving near all-time highs."

The Fear and Greed Index from cryptocurrency data analysis firm Alternative.me rose 5 points to 73 points, indicating a state of "greed". This index means that the closer it is to 0, the more contracted the investment sentiment, and the closer to 100, the more overheated the market is.

Reporter Kim Jung-woo