All-time highs, near misses, and Cardano’s breakout
🚀 Bitcoin ATH — BTC tops $124,000, setting another all-time high.
💎 Ethereum nears record — ETH inches closer to its $4,800 peak.
📈 Institutional inflows — ETH ETFs see $2.3B inflows this week alone.
💵 Rate cut expectations — Traders see September Fed cut as almost certain.
Not to be outdone by the action in altcoin markets, Bitcoin marked another all-time high yesterday, setting the bar above $124,000. The new high for the market-cap leader aligns with strong momentum across the broader crypto market this morning: Ethereum (ETH) is up another 2% overnight and nearing its all-time high of around $4,800, set in November 2021; Solana (SOL) is up another 3%, trading above $200; and Cardano (ADA) has surged 16%, trading just shy of $1. There are too many others to mention.
Against this backdrop, institutional momentum continues, with ETH ETFs seeing massive inflows. As James Butterfill, Head of Research at CoinShares, noted on the surge of money flowing into ETH exchange-traded products: “Ethereum inflows this week continue to build to huge levels — US$2.3bn week-to-date and US$10.5bn year-to-date. We aren't seeing much spillover into other altcoins outside XRP and Solana at present.”
The markets are increasingly betting on a rate cut at the Fed’s 17 September meeting. As Reuters reports: “Traders see a Fed rate cut on September 17 as a near certainty, according to LSEG data, and even lay around 7% odds on a super-sized half-point reduction.”
Commenting to the newswire, Kyle Rodda, an analyst at Capital.com, said: “For the markets, it's not even a matter of if the Fed cuts interest rates in September, it's a question of how much.”
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $4.14 trillion, up 1.92% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $121,666 up 1.75% in the last 24 h
Daily high: $124,128
Daily low: $119,618
📈 S&P 500 ↗️
SPY is currently up about 0.32% since yesterday’s close.
📈 Nasdaq 100 ↗️
The Nasdaq 100 is up about 0.04% overnight.
🥳 Fear & Greed Index
The Crypto Fear & Greed Index stands at 68/100, in Greed.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 50, in neutral territory.
Data is correct as at 14 August, 08:25 GMT.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
