Bitcoin News Today: Bitcoin hits all-time high of $123,637 surging 2.82% in session

Bitcoin surged past all previous records on Wednesday night, hitting an all-time high of $123,637, according to Binance market data [1]. The price continued to consolidate at $123,334.03 as of the latest reading, marking a 2.82% gain in the session. Short sellers bore the brunt of the upward move, with Coinglass reporting over $397 million in liquidations, of which $259 million came from short positions betting against the price rally [1].

The rally came after months of gradual accumulation, with Bitcoin showing strong resilience in a market still dominated by bullish macroeconomic sentiment. The price surge also saw Ethereum (ETH) making a significant move, inching within 3% of its 2021 high and helping push the total crypto market cap to a record $4.2 trillion, according to CoinGecko [1]. Meanwhile, Ether-focused investment funds continued to attract large inflows, with public companies now holding nearly $17 billion worth of ETH, per StrategicEthReserve.xyz [1].

One of the most striking developments came from 180 Life Sciences Corp., now rebranded as ETHZilla. The firm announced a 82,186 ETH holding, triggering a stock price jump of more than 200% on Tuesday and an additional 50% in premarket trading on Wednesday [1]. The company is backed by billionaire Peter Thiel, which may have amplified market attention and investor enthusiasm.

The shift in momentum was also evident in trading activity, with Bloomberg data showing that for the first time ever, nine U.S. spot Ether ETFs recorded more daily trades than Bitcoin ETFs in August. Ether ETFs brought in $1.7 billion during the month, while Bitcoin funds saw a net outflow of $436 million [1]. Coinglass also reported that Ether futures across all exchanges reached a new record of $66 billion in open interest [1].

Regulatory developments also played a role in shaping the market environment. The recently passed GENIUS Act in the U.S. has allowed stablecoins to gain greater legitimacy and use, with Standard Chartered noting that stablecoins already account for 40% of blockchain fees, and over half of them operate on Ethereum [1]. The bank revised its 2025 price target for Ether from $4,000 to $7,500, citing increased demand and ecosystem growth [1].

While Ether has shown strong momentum, Bitcoin remains the top asset for long-term growth. A Bitcoin Intelligence Report showed that over the past decade, Bitcoin’s modeled compound annual growth rate (CAGR) stood at 42.5%, significantly outperforming the Nasdaq (16%), Gold (10.65%), and U.S. M2 money supply (6%) [1]. Analysts using power-law trends and quantile analysis have projected $200,000 as a realistic price target for Bitcoin by the end of 2025, with further bullish scenarios pushing the base projection up to $120,000 [1].

Looking further ahead, the same models suggest a possible price range of $1.2 million to $1.5 million for Bitcoin by 2035, emphasizing the long-term conviction among analysts despite short-term volatility [1].

Source:

[1] Bitcoin makes new all-time high of 123637 (https://www.cryptopolitan.com/bitcoin-makes-new-all-time-high-of-123637/)