According to Coin Metrics, Bitcoin surged to $124,496 late Wednesday, breaking its July record of $123,193.63. Ether climbed to $4,791.19, approaching its 2021 peak of $4,866.01.
The rally followed a cooler-than-expected July inflation report on Tuesday, boosting hopes for Federal Reserve rate cuts in September and driving both crypto and stock markets higher. The S&P 500 and Nasdaq also hit fresh records.
However, hotter-than-expected wholesale inflation data on Thursday pulled prices back — Bitcoin dropped 3% to $118,481, while Ether fell 2% to $4,629.20.
For the week, Bitcoin remains up nearly 2%, while Ether has gained over 14%, fueled by institutional buying, tightening supply, and stronger regulatory support.
Ben Kurland, CEO of DYOR, said the rally signals a shift from speculative hype to genuine institutional adoption and global liquidity. “Crypto is graduating from ‘alternative’ to ‘essential’ in the global portfolio mix,” he noted, adding that momentum remains strong but could spark volatility as more investors pile in.
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