Bitcoin extended it's upward momentum on Tuesday, trading near $124,610, while Ethereum $ETH reclaimed the $4,700 mark and $BNB surged past $1,200, reaching a fresh all-time time high.
The broader cryptocurrency market also showed strength.
As of 10:33 am IST, Bitcoin was up 0.8% at $124,599, gaining nearly 9% over the past week.
Ethereum rose around 4.2% to $4,712, and other major tokens- including XRP, Solana, Tron, Dogecoin, and Cardano- gained over 5%, while Hyperliquid fell 4.1%. Overall crypto market capitalisation increased 0.99% to $4.27 trillion, according to #CoinMarketCap
Edul Patel, CEO and Co-founder of Mudrex, says that Bitcoin continues its momentum, creating a fresh all-time high of $126,198, and the broader market is also showing similar strength with Ethereum reclaiming the $4,700 mark and $BNB hitiing an all time high above $1,200 levels.
Patel further mentioned that while the institutional inflow continue at record levels, macro cues take centre stage as markets anticipate supportive signals from the Fed and a dovish tone in the September FOMC minutes and softer US jobless claims could extend Bitcoin's rally towards $129,000. "Meanwhile, with the dollar index down 10% this year, any further weakness increases the appeal for Bitcoin as a hedge, attracting even retail investors into the rally" he added
In the past week, Ethereum has surged by 12.35% whereas BTC surged by 8.96%, according to #CoinMarketCap