Paul Johnson Key Points:
– Bitcoin climbed to $121,895.84 during U.S. afternoon trading, nearing $123,000 and a potential fresh record.
-Ether traded at $4,750, just 3% below its late 2021 peak of $4,865.
-Altcoins, including Solana, Uniswap, and Hyperliquid, posted 5%–6% gains.
-S&P 500 and Nasdaq remain near record highs amid softer inflation signals.
-Market participants see over 90% probability of a 25 bps Fed rate cut in September.
Bitcoin mounted another attempt for a fresh all-time high on Wednesday, climbing to $121,895.84 during U.S. afternoon trading and approaching the $123,000 mark — its highest level in four weeks.
Two earlier attempts this month — spiking to $122,300 on Monday and topping $123,000 on July 14 — faced heavy selling, bringing prices back below $120,000 on both occasions.
Ethereum’s ether (ETH) also moved higher, trading at $4,750 and only 3% away from its late 2021 all-time high of $4,865. Ether has recently outperformed Bitcoin, gaining 4.5% over the past 24 hours compared to Bitcoin’s 2.3%.
The rally extended to major altcoins, with Solana’s SOL (SOL) advancing 5% above $200, while Uniswap’s (UNI) and Hyperliquid’s (HYPE) native tokens rose 5%–6%.
Broader capital markets are providing “supportive momentum,” with the S&P 500 and Nasdaq hovering near all-time highs. Softer inflation signals and speculation of Federal Reserve easing are contributing factors.
A Wednesday report from 10X Research said the current macro backdrop has rarely been more favorable for risk assets. “With credit spreads tightening and loan growth turning up, the conditions for a sustained rally are falling into place,” the report stated. It added that while the Federal Reserve has been reluctant to cut interest rates, a pivot could lead to rapid capital rotation into higher-beta risk assets.
Market participants now see more than a 90% probability of a 25 basis point cut at the September Fed meeting, with growing pressure for deeper easing. “Bitcoin and equities are both responding early, but the market still isn’t fully pricing what’s coming”.
