Daijiworld Media Network- New York

New York, Aug 14: Bitcoin surged to a fresh record high of $1,24,514 on Wednesday, riding a global wave of optimism across equity and cryptocurrency markets. According to Bloomberg data, the world’s largest digital asset broke its previous peak of $1,23,205.12 set on July 14, buoyed by strong investor appetite for risk and record gains in US equities.

The rally came as the S&P 500 closed at all-time highs for a second consecutive session, supported by strong performances from mega-cap companies and expectations that the US Federal Reserve could begin cutting interest rates as early as next month. The Dow Jones Industrial Average rose 379.32 points (0.86%) to 44,839.44, the S&P 500 gained 28.17 points (0.44%) to 6,474.20, while the Nasdaq Composite climbed 84.32 points (0.39%) to 21,766.23.

Bitcoin’s market capitalisation has now swelled to approximately $2.5 trillion, while Ethereum’s market cap stands near $575 billion. Together, the two dominate nearly 70% of all cryptocurrency trading volumes. Ethereum also advanced more than 2%, touching $4,730.15 — its highest level in over two years.

Market analysts attributed the rally to US inflation data aligning with forecasts, coupled with growing bets on a September interest rate cut. “The crypto market extended its bullish momentum as cooler-than-expected US CPI data boosted rate-cut expectations to 94%,” said Edul Patel, co-founder and CEO of Mudrex. He noted that Bitcoin briefly tested the $1,20,250 mark before consolidating near $1,19,500, while Ethereum broke past $4,600 for the first time since 2021.

Patel added that strong inflows into crypto-focused exchange-traded funds further fuelled the surge, with ETH ETFs registering the largest single-day inflow exceeding $1 billion. A decisive daily close above $1,20,000, he said, could pave the way for Bitcoin’s next leg higher, strengthening the bullish trend.