Bitcoin $124K ATH, ETH $4.7K & Altcoins Rally Ahead of Trump-Putin Meeting
Bitcoin surged to a new all-time high of $124,500 this week before retracing to around $118,000 following a surprise jump in U.S. July PPI data and nearly $1 billion in liquidations. Ethereum climbed to a four-year peak above $4,700, though it fell short of its $4,900 record, while BNB topped $865. Other notable gainers included SOL, HYPE, LINK and ADA amid a shift toward altseason as BTC dominance dipped below 58%. Market cap stands at $4.11 trillion with $236 billion in 24-hour volume and BTC dominance at 57.5%. Key headlines: MicroStrategy added 155 BTC ($18 million) and Metaplanet acquired 518 BTC ($61 million); Do Kwon pled guilty to the Terraform collapse and will forfeit $19 million; Coinbase closed its Deribit acquisition; Ethereum’s exit queue swelled to 808,880 ETH ($3.7 billion). Traders await today’s Trump-Putin meeting for fresh volatility signals.
Bullish
Bitcoin’s breach of its July ATH and Ethereum’s push to multi-year highs alongside record BNB levels signal strong bullish momentum and a broadening altseason. Historical patterns show that new highs often attract increased investment and media attention, fueling further inflows. While elevated PPI data and geopolitical risks (Trump-Putin meeting) may trigger short-term volatility, the market’s near-term trend remains upward as dominance shifts to altcoins and institutional buyers continue accumulating. This suggests both short-term trading opportunities on volatility and longer-term bullish positioning for major cryptocurrencies.