The cryptocurrency market rally continues, with Bitcoin holding above $118,000 after gaining 2.2% yesterday.
Ether’s price also remained steady, closing at $4,300 — part of its 17.2% weekly gain — bringing it close to its all-time high of $4,800.
Other major cryptocurrencies also posted notable gains: XRP moved above $3.16, Solana’s SOL reached $176, Dogecoin stabilized at $0.22, and Binance Coin held firm at $800.
Lido’s staked Ether showed a similar performance to Ether itself, posting an 18% weekly rise. Meanwhile, the total global cryptocurrency market capitalization has reached $4 trillion.
Unlike the usual Bitcoin-led surges, this week’s rally has been driven by strong altcoin performance, which in turn has pushed Bitcoin higher. According to market analysts, Bitcoin has broken the $120,000 technical barrier and is now targeting the $135,000–$138,000 range.
Ether’s performance has been boosted by U.S. government support and heavy ETF investments. Over the past seven days, Ether has gained 21% and is up 45% over the past 30 days, with on-chain activity and user numbers approaching record highs. Expectations are growing that Ether will soon break its $4,800 record.
U.S. stock markets, particularly the S&P 500 and Nasdaq, are trading near record highs, helping offset the impact of new U.S. customs taxes and political tensions.
Today’s Consumer Price Index (CPI) is expected to show a slight increase, potentially pushing the annual inflation rate to 2.8%. If the figures come in softer, the chances of a September interest rate cut will strengthen, while higher-than-expected numbers could stall the market rally.
Trading data shows that investors are actively selling Bitcoin ahead of the CPI announcement to hedge potential risks, with demand increasing for options in the $115,000–$118,000 range.
Investment flows into Bitcoin ETFs and institutional positioning will determine whether the $122,000–$124,000 resistance level can be broken.