Aug. 11 (UPI) — Bitcoin nearly hit an all-time high on Monday as demand from commercial treasury buyers and established investors lifted the digital asset market overall.
Cresting to as much as 3.3% to exceed $122,000, Bitcoin just missed a previous record reached last month. Ether had a big weekend by surging over $4,300, its highest climb since December of 2021.
Bitcoin traded at approximately $121,200 as of 6:15 a.m. EDT, while Ether reached $4,250.
The gains rode a wave of swelling interest in cryptocurrencies from digital-asset treasury companies that have achieved a Bitcoin stash worth $113 billion.
“If you don’t stop buying Bitcoin, you won’t stop making money,” Michael Saylor, Founder and Chairperson of Bitcoin treasury company Strategy, posted to X Sunday.
Similar groups have also amassed around $13 billion of Ether as well, and its options markets reflected the optimistic attitude with a total put-call ratio of 0.40.
The alignment of Bitcoin and Ether looks to be heading into September and December with calls in line with macro rate-cut timing and further adoption by the traditional financial system, according to Sean McNulty, derivatives trading lead of APAC at digital-asset prime brokerage FalconX Ltd.
“Second-ranked cryptocurrency Ether outpaced rivals over the weekend to lead a broad rally in digital assets, as demand from institutional investors and corporate treasury buyers builds,” McNulty posted to X Sunday.
The digital asset research firm 10x Research posted a blog Monday stating that “Something big just shifted in Bitcoin’s backdrop,” which it described as a “wave of macro forces” that is colliding with market positioning and creating an atypical situation, born in part from a rapid interest from the Asian market, a breakdown of otherwise strict patterns and the Trump administration’s crypto policies.
As for Bitcoin, its next hurdle is to clear its all-time high of $123,205.
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