Bitcoin Soars Beyond $122K, Approaching Record High in Weekend Surge

Bitcoin has witnessed a remarkable surge, escalating 3.3% to surpass the $122,000 mark. It now sits a mere 1% away from its all-time high. This comes as the cryptocurrency market displays a robust bullish momentum. The rally has propelled the total crypto market capitalization beyond $4.1 trillion. Ethereum has also ascended for a second consecutive day, reaching its highest level since late 2021 at over $4,300.

Market analysts are keenly observing to see if Bitcoin can shatter the psychological $125,000 barrier today. Technical analysis suggests that the cryptocurrency could attain $140,000 by the end of 2025. The surge has been accompanied by substantial institutional inflows, including a $169.04 million spot netflow recorded during the breakout on August 11.

The broader crypto market has experienced sector-wide gains. NFTs are leading the pack at +4.28%, driven by impressive performances from Zora (+28.82%) and Pudgy Penguins (+4.77%). DeFi tokens rose 1.79% with double-digit gains in Lido DAO (+11.30%) and Ethena (+10.79%). The rally comes amid speculation about Trump’s crypto-friendly policies, including potential 401(k) crypto exposure plans that could trigger massive institutional adoption.

Source: Cryptonews

Move to the category:

Leave a Reply

Your email address will not be published. Required fields are marked *