Hassan Maishera
TL;DR
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BTC has set a new all-time high of $124,457 a few hours ago after adding 3% to its value in the last 24 hours.
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The rally comes amid renewed optimism of a September rate cut.
BTC Hits $124k to Set a New ATH
The cryptocurrency market has bounced back from Monday’s slump and is currently performing positively. The market has added over $200 billion in valuation over the last few days, with Bitcoin now setting a new all-time high.
Bitcoin’s price touched the $124k level a few hours ago, setting a new all-time high at $124,457. The rally comes amid renewed optimism of a September rate cut by the United States Federal Reserve.
Analysts are now predicting an upward momentum for Bitcoin over the next few weeks and months. Min Jung, analyst of Presto Research, stated that,
“Bitcoin's rally to a new all-time high is being driven by strong optimism for a September rate cut, with the CME FedWatch Tool now pricing in a 93.7% probability. Bitcoin's price will likely remain highly sensitive to any developments — positive or negative — related to the September rate decision.”
BTC has slightly dipped since setting its new all-time high and now trades at $121,864 per coin.
Meanwhile, altcoins have also been performing excellently since Monday’s dip. Ether is trading above $4,700 after adding 2% to its value in the last 24 hours and is currently 3% away from the all-time high it set in 2021.
Solana has crossed the $200 mark for the first time in weeks, while Cardano’s ADA has outperformed other major cryptocurrencies after surging 17% in the last 24 hours. Thanks to the ongoing rally, the total crypto market cap now stands at $4.15 trillion.
