Bitcoin breaks new record, Ethereum also rises sharply

The cryptocurrency market is buzzing with new records: Bitcoin (BTC) has reached a new all-time high (ATH) of 124,128 USD, while Ethereum (ETH) has also risen to 4,780 USD, just shy of its previous peak by less than 4%. Other coins like Solana ($SOL ) have also surpassed the 200 USD mark.

This growth momentum is supported by several factors:

ETF capital inflow: Bitcoin and Ethereum ETF products continue to attract significant demand from institutional investors. Specifically, ETH ETF funds have recorded an inflow of 729.1 million USD in a single day, the second highest in history.

Macroeconomic policies: Expectations that the U.S. Federal Reserve (#Fed ) will cut interest rates in September (with a likelihood of up to 99%) are driving investors towards riskier assets.

Global liquidity: The loose liquidity environment in Asia and new capital flowing into emerging markets also contribute to positive sentiment.

Notable developments:

This growth is also accompanied by several other important news:

MetaMask partners with Stripe to launch the stablecoin mmUSD.

Standard Chartered Bank raises its price target of $ETH to 25,000 USD by 2028.

Shares of the Bullish exchange tripled on IPO day.

Google Play Store clarified that the new policy requiring a license only applies to custodial wallets, not affecting self-custody wallets.

The strong growth of Bitcoin and Ethereum is opening up a new bullish cycle, but the decline in Bitcoin's dominance rate also indicates potential for altcoins in the near future.

Source: #Decrypt