Bitcoin prices rose on Wednesday, August 11th, reaching a fresh, high of over $124,000.
According to TradingView’s Coinbase data, the world’s most valuable digital currency rose to around $124,380 at around 8:30 PM ET.
Interestingly, the second most valuable cryptocurrency, ether, rose above $4,750, up from the record high that reached 2021, revealing additional Coinbase figures from TradingView.
When explaining these latest price movements, analyst Joe Dipasquale cited several variables.
“The push to new highs for Bitcoin is fuelled by a supportive macro background with strong ETF inflows, continuous facility adoption and rate reductions,” said Dipasquale, CEO of Bitbull Capital, Cryptocurrency Hedge Fund Manager Manager.
“When BTC broke through previous resistance, momentum traders were stacked up and amplified the rally,” he added.
Going forward, investors have a positive view on innovative assets, he continues, saying, “The sentiment remains firmly bullish as investors see Bitcoin as both a growth asset and an inflation hedge.”
Several analysts spoke about the latest Zenith meaning for Bitcoin, including Psalion’s managing partner Tim Enneking.
“Unlike other digital or fiat assets, the fundamental nature of the BTC market lies in the process of radical change,” he emphasized. “All lists of businesses, countries, states, states, and large whales are all starting to accumulate BTC.”
“And today, most people have not yet declared that BTC is a currency or a medium of exchange,” continued Enneking. “But virtually everyone agrees that it has become a near perfect value store. A finite supply is not controlled by a single (or small group) actor, can be easily transferred, potentially untrackable (avoiding blockchain), is safe (although it will be relatively quickly needed), is durable, and is increasingly large investor.”
“Many of these characteristics are new and therefore their meaning is not entirely priced,” he argued.
“In the last eight months, BTC has only increased by 20%. Gold appreciates more. And there is a much less secular tailwind. So there is a strong argument that BTC is significantly undervalued.
Ben Kurland, CEO of Crypto Research Platform Dyor, also spoke about the meaning of the latest price movements for Bitcoin and Ether, highlighting how the entire Crypto space has matured.
“Bitcoin means setting up new times and ETH edging that have never been seen before. This means that it has moved from the speculative, retail-led nerds of the previous bulls to where the institutions are employed, where real-world integration is happening, he said in an email.
“It shows that both assets are surged like this in tandem, indicating broader market beliefs than mere single asset gatherings,” Kurland said. “The strong momentum of this often has feet because it tends to draw a latte secoma that can be fueled even more.”
“Now, the story is more about validation than Euphoria. That means Crypto has graduated from “alternative” assets to “essential” assets in the basic portfolio mix,” he said.
