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Bitcoin hit a new all-time high on Thursday. The jump came as traders grew more certain that U.S. interest rates could be cut in September and as big companies kept buying more of the coin.
Ether, the second-largest cryptocurrency, also moved up and came very close to breaking its own record from 2021. Like Bitcoin, it got a boost from fresh corporate buying. This trend was first made popular by Michael Saylor’s company, MicroStrategy.
At its peak, Bitcoin touched $124,436 before settling near $123,164, still up more than 3% on the day. Lower interest rates make it easier for investors to put money into riskier assets like crypto. That is why talk of a September cut has sent excitement through the market.
Large companies have been stocking up on Bitcoin. Japan’s Metaplanet, the sixth-biggest corporate Bitcoin holder in the world, revealed it bought over $60 million worth of the coin this week. It also plans to raise billions more to buy even more. MicroStrategy, now called Strategy, added to its own huge stash earlier this month, taking total holdings to nearly 629,000 coins.
Crypto sentiment also got a lift after Bullish Inc, a crypto exchange backed by billionaire Peter Thiel, made its debut on the New York Stock Exchange. Its shares jumped almost 90% on the first day, giving it a valuation of over $10 billion.
Other cryptos also surged. Ether climbed close to $4,786, just under its record of $4,868 from November 2021. Analysts at Standard Chartered raised their 2025 price target for Ether from $4,000 to $7,500. XRP rose 2.6%, Solana gained 6.5%, and Cardano jumped nearly 20% after news that Grayscale wants to launch a spot Cardano ETF.
Even meme coins joined the rally. Dogecoin rose almost 7%, and $TRUMP gained over 7%.
The overall mood in the crypto world is buzzing right now, with corporate buying, talk of rate cuts, and big stock market debuts all adding fuel to the fire.