Summary of this article
Bitcoin hits $124,000, marking a new all-time high.
Altcoins like Ethereum and Cardano gain alongside strong market momentum.
Experts predict further gains, but caution advised due to volatility.
Bitcoin reached a new all-time high of $124,000, surpassing its previous record set last month. The milestone marks an important point in the cryptocurrency’s trading history and reflects its ongoing market activity and prominence.
After reaching $124,457, Bitcoin’s price is currently around $121,980, up 1.80 per cent with a trading volume of $99.60 billion. Bitcoin’s market capitalisation has also crossed $2.42 trillion, placing it in sixth position globally, just behind Google in the rankings of the-top five companies and assets by market value.
Sumit Gupta says that Bitcoin surged to an all-time high of $124,457 after weeks of consolidating above $115,000, with $116 million in short liquidations and trading volumes over $95 billion, which reflects strong spot-led demand.
In addition to Bitcoin, other cryptocurrencies are also doing well. Ethereum is very close to its all-time high, and several altcoins have seen significant increases.
Key Reasons Behind the Surge
With Bitcoin reaching a new all-time high within a month, several factors are pointing to the surge.
Edul Patel, CEO and co-founder of Mudrex, a crypto exchange, said several factors are driving the surge in Bitcoin prices. He says, “Factors like strong optimism for a September rate cut, corporate accumulation, consistent inflows in exchange-traded funds (ETFs), and bullish derivatives activity have contributed to the rally. Moves by the Trump administration to ease investment in crypto assets have further improved market sentiment.”
Bitcoin Price Outlook: What’s Ahead
With Bitcoin prices reaching new highs, attention has now turned to where it could head next. Experts share their views on possible price movements and future trends.
Says Patel: “Currently Bitcoin trading from its all-time high. The breakout has pushed Bitcoin into price discovery, with liquidation clusters forming near $125,500. If the momentum continues, we could see Bitcoin heading towards $140,000 in the coming weeks.”
Parth Srivastava, head of quant at 9Point Capital, says, “Bitcoin’s run to $124,000 is pulling the wider market, with Ethereum and Cardano also posting solid gains. If this pattern holds, we could see broader participation and faster moves, though it also means sharper swings, so risk management stays key.”
