Last week, the cryptocurrency market showed significant momentum. Bitcoin set a new all-time high, surpassing $124,000, while Ethereum approached $4700.
This is reported by Finway
Bitcoin: Growth and Correction
Throughout the week, Bitcoin demonstrated impressive growth. At the beginning of the period, the asset reached $122,000, and on August 14, it updated its all-time high, exceeding $124,000. However, a correction followed amid statements from U.S. authorities, and the price returned to around $117,000.
At the time of writing, Bitcoin is trading at $118,016. The market capitalization of the first cryptocurrency stands at $2.35 trillion.
Ethereum: Approaching All-Time High
Ethereum also showed positive dynamics. On August 13, the asset approached the $4700 mark, and the next day reached a local high of $4788. This is very close to the historical peak of November 2021 — $4868.
After a brief surge, Ethereum faced a correction, and the price dropped to $4400. Currently, the asset is trading at $4469.
“We are seeing significant interest from institutional investors in the cryptocurrency market,” note analysts at Standard Chartered.
Among other significant events of the week is the approval in El Salvador of an investment banking law that allows financial institutions to hold Bitcoins, and Coinbase’s announcement regarding the approach of an altseason.