Bitcoin Hits New All-Time High

Bitcoin prices surged on Wednesday, August 11, reaching an all-time high above $124,000.

According to Coinbase data from TradingView, the world’s most valuable cryptocurrency climbed to approximately $124,380 around 8:30 p.m. EST. Ether, the second-most valuable cryptocurrency, also saw gains, rising to over $4,750, just under $150 away from its 2021 record high.

Analyst Joe DiPasquale attributed the price movements to strong ETF inflows, institutional adoption, and a favorable macro environment as rate cuts are reconsidered. He noted that momentum traders intensified the rally after Bitcoin broke through previous resistance levels. Furthermore, he stated that sentiment remains strongly bullish, as investors view Bitcoin as both a growth asset and an inflation hedge.

Tim Enneking from Psalion commented on the implications of Bitcoin’s new high, suggesting that there is likely more growth ahead. He remarked on the shifting nature of the BTC market, with a growing number of entities accumulating Bitcoin, while fewer still view it as a currency.

Enneking asserted that Bitcoin is becoming a perfect store of value with its finite supply and widespread acceptance among institutional investors. He believes that Bitcoin remains undervalued relative to other assets, given its recent price trajectory.

Ben Kurland, CEO of DYOR, emphasized the maturation of the crypto market, noting how Bitcoin’s all-time high and Ethereum’s rise signal a shift from speculative mania to institutional adoption and real-world integration. He highlighted that this momentum indicates a broad market conviction, transitioning crypto from an alternative to an essential asset in investment portfolios.