Crypto Market Roars To Record Highs
Bitcoin (BTC) smashed through an all-time high of $124,457 on Wednesday, rallying in sync with U.S. equities as global investors piled deeper into risk assets. The move was fueled by moderating inflation, growing expectations of a September Federal Reserve rate cut, and unprecedented institutional participation through ETFs — a powerful trifecta driving momentum across digital assets.
BTC’s climb has been steady over the past year, aided by a crypto-friendly legislative environment in Washington under President Donald Trump. Persistent ETF inflows and aggressive corporate treasury accumulation have tightened supply, with public companies now holding $447 billion in Bitcoin.
Ethereum (ETH) is also surging, propelled by sustained demand from newly active treasury firms. Standard Chartered has lifted its 2025 price target for ETH to $7,500, noting that Ethereum ETFs now hold 3.8% of total supply — double Bitcoin’s recent pace. ETH is trading near $4,750, up 2.07% in 24 hours, while BTC hovers around $122,000, up 2.31%.
The broader crypto market cap has hit $4.18 trillion, powered by ETF inflows and corporate buys. On Aug. 13, Spot BTC ETFs recorded $86.9M in net inflows, while Spot ETH ETFs drew an outsized $729.1M.
Altcoins joined the rally:
- Cardano (ADA) surged 17.92% to break above $0.94, boosted by ETF speculation after Grayscale registered a Cardano Trust, a major scalability upgrade worth $71M, and excitement around the Glacier Drop airdrop.
- HYPE rose 9% to $47.22 as Hyperliquid captured 35% of blockchain fee revenue, worth $97.7M in August.
- $TRUMP gained 6% to $9.74 after Canary Capital registered the Trump Coin ETF in Delaware.
- Chainlink’s native token jumped 40% in seven days amid rising on-chain activity.
In regulatory developments, the U.S. SEC has formally acknowledged Invesco Galaxy’s Spot Solana ETF application, moving it into review. Meanwhile, World Liberty Financial’s USD1 stablecoin hit a $2.2B market cap in under 90 days.
In a headline-making corporate move, SpaceX crossed the $1B mark in Bitcoin holdings as the world’s largest cryptocurrency reached fresh record highs.
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