Ether and Bitcoin.
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Bitcoin A new record hit at the end of Wednesday as Ether was even closer to an all-time high.
According to Coin Metrics, the flagship cryptocurrency reached $124,496, surpassing the July record of 123,193.63. ether It rose to $4,791.19 overnight, bringing closer to 2021’s record of 4,866.01.
Both coins hit Thursday, but were hits after the wholesale inflation data for July was much higher than expected. Bitcoin was 2% lower at $119,704.09, while ether fell to $4,612.40 for the same amount.
Bitcoin hits new records overnight, surpassing the record highs of July
The initial gains were caused by a July inflation report that was cooler than Tuesday’s forecast, which lifted investors’ optimism over interest rate cuts from the Federal Reserve at the end of the policy meeting in September. The coin was tied to the stock market for two days. Wednesday, S&P 500 and Nasdaq We also expanded the new records.
That week, Bitcoin was paced at a gain of 2%, while ether was gained over 13%. Ether flipped Bitcoin over as the leader in the crypto market in June, and has since won 85% thanks to large facility purchases, tighter supply and adoption from corporate accumulators. Nansen analyst Jake Kenneth said there is likely to be more room for the rally as the flow remains strong.
“Bitcoin is spending much higher time and preventing ETH from doing so. This means that it has moved from speculative enthusiasts to a stage in which institutional adoption, real-world integration, and global liquidity drives price discovery.”
“The fact that both assets are on the verge of breaking records beyond the beliefs of a wide range of markets, not just a single asset rally,” he added. “This strong momentum rarely burns out, but it tends to attract fugitives who can promote volatility. Now, the story is not about euphoria, but about verification.
