Bitcoin tops $122K, edges close to record high; Ethereum steadies at multi-year peak
As of 11:09 am IST, the world’s largest cryptocurrency was up 3.1% over the past 24 hours at $121,921, after touching an intraday peak of $122,309.
Ethereum climbed 2.2% to $4,307 — its highest level since 2021 — as altcoins joined the rally. XRP, BNB, Solana, Tron, Hyperliquid, and Cardano advanced up to 4%. The overall cryptocurrency market capitalization rose 2.3% to $4.06 trillion, according to CoinMarketCap.
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Shivam Thakral, CEO of BuyUcoin, said strong inflows into crypto funds had reignited momentum in both Bitcoin and Ethereum. “Bitcoin may face resistance at $124,000 with immediate support at $120,000. The overall sentiment looks positive with indicators of a fresh rally in the coming weeks,” he noted.Market optimism is also being fueled by expectations of three US Federal Reserve rate cuts in 2025, easing inflation, and robust on-chain activity.
According to the CoinSwitch Markets Desk, Bitcoin’s price pattern suggests a potential rally toward $148,000 if bullish momentum continues, while Ethereum faces resistance near $4,300. Sathvik Vishwanath, Co-Founder & CEO of Unocoin, highlighted that “spot demand remains strong” and a breakout above $124,000 could pave the way for new record highs.In a notable legal update, the US SEC closed its case against Ripple Labs over alleged unregistered securities sales, imposing a $125 million fine and ending one of the industry’s most high-profile disputes. Meanwhile, Bo Hines, head of President Donald Trump’s Council of Advisers on Digital Assets, announced his resignation to return to the private sector.With bullish technicals, macro tailwinds, and renewed institutional appetite, traders are watching closely to see if Bitcoin can break past $123,091 and enter uncharted territory in the days ahead.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)