14.08.2025 05:10

Bitcoin surged to a record high of $124,130 during early Asian trading on Thursday, according to CoinGecko data. This surpassed its previous peak of $123,300 set on July 14th, representing a 3.4% daily increase from an intraday low of $119,000. On premium exchanges like Coinbase and Bitstamp, the cryptocurrency traded even higher. The impressive weekly gain of nearly 8% is attributed partly to decreasing global trade tensions and persistently high US core inflation, bolstering the likelihood of a September interest rate cut.


This remarkable price increase propelled Bitcoin's market capitalization to a staggering $2.46 trillion. Consequently, Bitcoin eclipsed Google (Alphabet) to become the world's fifth-largest asset by market capitalization. This significant milestone underscores Bitcoin's growing dominance in the global financial landscape.


Analyst Rekt Capital identified $126,000 as a critical price level, suggesting a decisive breakthrough could propel Bitcoin to even greater heights. Meanwhile, venture capitalist Chris Burniske ventured a prediction of an October peak for Bitcoin, estimating a potential price of $142,690. He further offered bold projections for other cryptocurrencies, forecasting Ether to reach $6,900–$8,000 and Solana to hit $420 during this market cycle. Burniske cautioned that exceptionally high prices in August, September, and October would strengthen his belief in an October peak, while a significant correction might extend the bull market.


According to Rachael Lucas, a crypto analyst at BTC Markets, the unprecedented influx of institutional investment is driving the record highs observed in Bitcoin and Ethereum. She highlighted the role of corporate treasuries in exacerbating the supply crunch, noting the significant participation of public and private companies, along with sovereign entities, in the cryptocurrency market. This institutional involvement is a key factor in the current market's exceptional performance.