- Bitcoin has set a new all-time high above $124,000 USD, reclaiming attention despite modest daily gains of just 0.17%.
- Ethereum continues its stellar month, sitting less than 2% away from breaking its previous all-time high after nearly four years.
- The broader crypto market is thriving with double-digit weekly gains across the top 100, including ETH up 30% and SOL up 23%.
- US regulatory optimism and expectations of September rate cuts have driven institutional investment and a shift toward high-growth crypto assets.
In what’s already been a bumper week for the crypto market, the wins have continued piling up.
Ethereum has captured the limelight this month as it edges toward a record price for the first time in nearly four years.
However, clearly jealous of ETH’s momentum, Bitcoin has momentarily wrangled attention back to itself after hitting another BTC/USD all-time high in 2025.
According to the TradingView chart, BTC’s price peaked above $124k USD ($189.2k AUD), while other establishments had Bitcoin edging past $123k USD.
At the time of writing, BTC’s one-day gains weren’t especially monumental – CoinMarketCap currently lists it at just 0.17%, with weekly movements +3.7%.
However, this sustained, patient upward trajectory from Bitcoin in August has been enough to set a price point for the record books.
Related: Pantera Capital Invests US$300M in Digital Asset Treasury Firms, Eyes Higher Returns Than Holding Tokens
What’s Behind the Market Momentum?
Bitcoin isn’t the only cryptocurrency in the green – much of the top 100 is basking in double-digit weekly gains (ETH +30%, XRP +10%, SOL +23%).
As always, the digital asset market has moved to the upside for a plethora of reasons, although some stand out more than others.
Positive regulatory reform coming from the US at the end of July kick-started a swell of optimism among long-term traders and institutional buyers, as we’ve seen big corporations flock to Ethereum as a treasury asset.
A return to high-growth investments seems to be the name of the game at the minute. With ETH outpacing BTC, the market is looking toward the risk-on assets within the risk-on asset class.
A lot of this is due to expectations around quantitative easing in the coming months, with overnight CPI data in the US suggesting inflation is relatively well-tamed. Most believe that a rate cut is coming in September – which this current bull run may have already priced in.
So while Bitcoin has stolen the show for the time being, Ethereum is still the story of the week. If ETH, currently less than 2% behind its previous all-time high, can finally break through – who knows how far this alt season could go?
Related: US Crypto ETFs See Record Flows, Now Make Up Half of New Fund Launches
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