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Market Update: Bitcoin Near All-Time High, But Analyst Warns

With a current price of $121,800, Bitcoin is poised to match its all-time high of $123,091, a record that’s only a month old.

By Mike Hesp
• 2 min read
Market Update: Bitcoin Near All-Time High, But Analyst Warns

With a current price of $121,800, Bitcoin is on the verge of matching its all-time high of $123,091, a record that’s only a month old. In the last 24 hours, the world’s largest cryptocurrency rose 3%, bringing its market cap to $2.43 trillion. That makes BTC worth more than Amazon or silver; the next competitor on the ranking is Alphabet (Google).

The recent price rally is largely attributed to US President Donald Trump’s announcement to include Bitcoin in the US pension plans. According to Presto Research analyst Min Jung, however, more is at play: “A large part of the current buying pressure appears to come from large treasuries, which suggests they will play a key role in price development in the future.”

Meanwhile Ethereum climbs 2% to $4,311, still about 12% away from the 2021 high. Many altcoins also follow Bitcoin’s uptrend and are in the green. Traders and analysts are already looking to tomorrow, August 12, when the new US inflation figures (CPI) are released. “With the release of both CPI and PPI this week, investors would be wise to stay cautious. Macro-economic developments—especially those impacting future rate decisions—can move the market sharply,” according to Jung.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.