Bitcoin (BTC) price broke through $124,130 (approximately 172.48 million won) with the opening of the Asian market, setting a new all-time high. Along with this, the total market capitalization of cryptocurrencies also reached a record high. Gaining momentum from its upward trend, Bitcoin has secured the title of the world's fifth-largest asset, surpassing Google (Alphabet)'s market capitalization.
This rally is a result of a combination of easing global trade tensions and high levels of the US Consumer Price Index (CPI) core indicator. Against this backdrop, the possibility of a Federal Reserve rate cut in September has increased, which is analyzed to have a positive impact on risk assets, including Bitcoin. Bitcoin has risen by 3.4% in a day and about 8% over the past week.
Bitcoin's market capitalization is currently recording $246 billion (approximately 3,419.4 trillion won), surpassing Alphabet's ($GOOG) $245 billion (approximately 3,404.8 trillion won). Market research firm CoinGecko reported, "Bitcoin has now become the fifth most valuable asset in the world, following Apple, Microsoft, and Saudi Aramco."
Market experts are also optimistic. Cryptocurrency analyst 'Rekt Capital' predicted that the $126,000 (approximately 175.14 million won) level would be a turning point for further increases. Venture capitalist Chris Burniske said, "I expect Bitcoin's peak in October" and suggested an upper target of $142,690 (approximately 198.28 million won). He also anticipated Ethereum (ETH) could rise to $8,000 (approximately 11.12 million won) and Solana (SOL) to $420 (approximately 580,000 won). "If prices become overheated between August and October, that point could be the peak of this cycle," he emphasized.
Rachael Lucas, BTC Market Research Analyst, said, "The current Bitcoin rise is due to unprecedented institutional fund inflows," and explained that "public and private companies and national institutions have secured about 3.64 million Bitcoins, which is over 17% of the total circulating supply." The analysis suggests that their accumulation is exacerbating the supply shortage and supporting the rally.
Ethereum is also continuing its strong trend. In the Asian market, it recorded $4,770 (approximately 6.63 million won), approaching within 2.5% of its 2021 high. 'Rekt Capital' predicted that "if Ethereum converts the weekly resistance line of $4,630 (approximately 6.43 million won) into a support line, it will enter a full-scale price discovery phase."
Meanwhile, Bitcoin's market dominance has dropped below 60%, showing signals that the altcoin season may be fully underway. This is adding expectations of further increases in major altcoins like Ethereum and Solana.
Overall, the market is experiencing strong upward pressure with the setting of all-time highs, institutional fund inflows, expectations of rate cuts, and supply shortage. The market's next direction will be determined by how investors interpret and respond to these factors.
For real-time news...Go to TokenPost Telegram
<Copyright โ TokenPost, Unauthorized Reproduction and Redistribution Prohibited>
