Bitcoin hit another all-time high price mark on Wednesday as a increasingly favorable macro environment pushes traders to take more risk. And Ethereum might be following right behind.
The leading cryptocurrency hit a new peak price of $122,882 on Wednesday afternoon, beating its previous July record of $122,838, CoinGecko data shows.
Stocks also soared to close in on new highs as traders remained hopeful that the Federal Reserve will soon cut interest rates. The S&P 500 and Nasdaq both set record highs on Wednesday, with the Dow nearing its own record.
Over a seven-day period, Bitcoin has soared by 6%. Year-to-date, it is up 30% from when it opened 2025 trading at $94,384.
The coin first hit the long-awaited $100,000 mark in December, boosted by President Trump’s November election win and increased investor interest in American Bitcoin exchange-traded funds.
Bitcoin has typically traded like a “risk-on” asset, along with tech equities, and performed well in the past in a low interest rate environment.
Crypto-friendly President Donald Trump has piled on pressure to the U.S. central bank’s chair, Jerome Powell, to cut rates.
The new commander in chief has previously called Powell a “major loser” and a “fool,” and threatened to fire him, and this week even talked about using a lawsuit to get interest rates lower.
The Fed is supposed to be independent, and the White House seldom meddles in the bank’s affairs.
Other major cryptocurrencies, including Ethereum, roared as well on Wednesday, with the second biggest digital coin also fast closing in on a new high.
Ethereum last set a record price of $4,878 back in November 2021, but has lingered well below that mark until recently, even while Bitcoin repeatedly pushed to new peaks. Now, ETH is priced at $4,728, putting the current price just 3% below the record.