Bitcoin and Ethereum Reach New Milestones

In a remarkable turn of events, Bitcoin (BTC) has achieved a new all-time high, marking a significant milestone for the cryptocurrency market. Ethereum (ETH) isn't far behind, breaking the $4,700 barrier for the first time in four years, edging closer to its own historical peak.

Market Movements and Key Figures

As of August 14, BTC was trading at $123,230.69, showcasing a 2.73 percent increase from the previous day. Ethereum followed suit with a 3.62 percent rise, trading at $4,737.98. Other altcoins like XRP and Solana (SOL) also experienced gains, contributing to the overall positive momentum in the crypto market.

Global and Domestic Market Reactions

The South Korean market mirrored this upward trend, with BTC and ETH showing significant gains on domestic exchanges. This global rally is largely attributed to a renewed risk appetite among investors, fueled by anticipations of a U.S. Federal Reserve interest rate cut in September.

Expert Insights

Joel Kruger, a market strategist at LMAX Group, highlighted the role of easing inflation and potential Fed rate cuts in driving the current market dynamics. "The broad capital markets, including the S&P 500 and Nasdaq, are providing momentum," Kruger noted, underscoring the interconnectedness of traditional and crypto markets.