Bitcoin reached a new all-time high early Thursday in Asia, surging past $124,000 and eclipsing its previous record of $123,205 set on July 14. The rally positions BTC as the fifth-largest asset globally by market capitalization, surpassing Alphabet (Google), with a total valuation of $2.46 trillion, according to CoinGecko.
The milestone mirrors a broader surge in risk assets, as investors pile into equities and crypto ahead of expected macroeconomic shifts. The S&P 500 notched its second consecutive record close on Wednesday, reinforcing a strong risk-on sentiment across markets. Bitcoin, which often trades in tandem with tech stocks during bullish cycles, followed suit.
This ongoing rally is fueled by a combination of favorable regulatory momentum under the Trump administration and the rapid institutional embrace of Bitcoin as a balance sheet asset. Strategy (formerly MicroStrategy), led by Michael Saylor, has led this charge, with other public firms adopting similar treasury strategies centered on long-term BTC holdings.
Corporate interest in Bitcoin is also driving activity in Ether and other digital assets. Ethereum’s market cap now sits near $575 billion, with BTC and ETH accounting for around 70% of all crypto trading volume globally.
Adding to the bullish momentum, U.S. inflation data released this week met market expectations, reinforcing speculation that the Federal Reserve may initiate interest rate cuts as early as September. The prospect of lower borrowing costs typically benefits high-volatility assets like crypto by loosening financial conditions.
Bitcoin has now cleared the psychological and technical resistance near $120,000, with analysts projecting a potential next leg up toward the $135,000–$138,000 range. According to CoinDesk, this zone represents the next key area of interest for traders targeting further gains in the current macro environment.
With investor appetite strong and market tailwinds building, Bitcoin’s breakout solidifies its role not only as a digital asset but as a major force in global capital markets.
