Bitcoin Hits All-Time High as Ethereum and Dogecoin Surge
Leading cryptocurrencies jumped on Wednesday as optimism about rate cuts increased investors' risk appetite.
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Cryptocurrency markets experienced significant gains on Wednesday, driven by optimism about potential interest rate cuts. Bitcoin rose 3.37% to $123,500.92, while Ethereum increased 3.12% to $4,724.41. Bitcoin reached a new peak of $124,457 overnight before pulling back slightly.
The market saw over $280 million in short positions liquidated, indicating strong bullish sentiment. Bitcoin's open interest increased by 5.36% in 24 hours, reaching $84.53 billion. The global cryptocurrency market capitalization rose to $4.2 trillion with a 3.22% daily increase.
This surge coincided with record highs in traditional stock markets. The positive movement was attributed to softer-than-expected inflation data, with traders now seeing a 94% chance of a 0.5% rate cut in September. Analysts remain optimistic, with some predicting a 'parabolic phase' for Bitcoin.
Original Article
benzinga.comhttps://www.benzinga.com/crypto/cryptocurrency/25/08/47111980/bitcoin-hits-all-time-high-ethereum-dogecoin-spike-analyst-says-parabolic-phase-imminent-fo