August 14, (THEWILL) — World’s largest cryptocurrency, Bitcoin, on Thursday, hit a new all-time high of $124,126 for the first time before easing slightly to $123,868.
The milestone pushed Bitcoin’s market capitalisation to $2.4 trillion, making it the fifth-largest asset globally by market value and surpassing Google’s parent company, Alphabet.
The rally reflects a mix of strong institutional demand, favourable macro conditions, and growing expectations of easier US monetary policy. Bitcoin ETFs attracting $1.89 billion in inflows since Friday. Ethereum ETFs have also gained momentum, recording their first $1 billion daily inflow on Monday, and continuing with $523.9 million on Tuesday, and $729.1 million on Wednesday, according to data from Farside.
Market data shows bullish sentiment remains strong, with Taker Buy Volume reaching $12.24 billion. Mining sell pressure has also eased, with miner reserves dropping from 1.8 million BTC to 1.806 million BTC in recent days.
Bitcoin’s surge past $124,000 represents a significant psychological milestone as the cryptocurrency trades at levels that seemed unimaginable just years ago. The cryptocurrency’s performance has outpaced traditional assets this year, with institutional adoption through ETFs providing a regulated pathway for investment that has attracted billions in new capital.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
