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The bulls have done it. After a month of consolidation and pullbacks since the last all-time high, Bitcoin has broken through and pushed above $124K. With this move, Bitcoin has now surpassed Google to become the fifth largest asset by market cap globally.
Altcoins rallied on the back of Bitcoin’s momentum, with Arbitrum leading the way, up nearly 16%. Despite that, Bitcoin still outperformed the majors, which is exactly what we want to see at this stage of the cycle. It suggests a healthy and potentially prolonged rally. Ethereum, however, remains one to watch. It's inching closer to its elusive all-time high from 2021, nearly four years ago. Now less than 3.5% away from breaking it, ETH is well-positioned to move into price discovery in the coming days, assuming this market momentum holds, which it likely will with bulls maintaining control.
August has historically been a bearish month for Bitcoin. And while early geopolitical tensions did send it lower at the start of the month, bulls quickly regained control off the back of the latest inflation data. With the all-time high now cleared, Bitcoin is well set to push higher, potentially moving into the $130K region before month’s end, aligning with the breakout targets outlined in the latest Rake Review.
Stormrake Spotlight: Hedera (HBAR) ($0.267)
Stormrake Spotlight: Hedera (HBAR) ($0.267)
