Bitcoin Records a New All-Time High Near $123.7 Thousand.. and Ethereum Experiences Strong Momentum

The cryptocurrency Bitcoin achieved a record high during trading on Wednesday, August 13, approaching the level of $123.7 thousand, recording its highest value in history at $123,570, with an increase of over 3% in the last 24 hours.
In a related context, the cryptocurrency Ethereum witnessed a strong upward wave, rising by about 6% during the same period, reaching $4,770, which is its highest level since 2021 when it recorded historical levels. This performance contributed to enhancing the positive momentum in the cryptocurrency market, pushing Bitcoin to surpass its previous levels.
Data from the "CNBC" network showed that inflows into Ethereum exchange-traded funds (ETFs) reached $1.5 billion this week, compared to $244 million for Bitcoin exchange-traded funds.
According to observers, Ethereum investment funds have seen a notable recovery after a period of stagnation during their first year of trading, as the currency maintained its stability above the $4,000 level this week. Positive regulatory developments have also contributed to enhancing institutional interest in stablecoins, which represent 40% of total blockchain fees, with more than half of them backed by the Ethereum blockchain.
Jeff Kendrick, the global head of digital asset research at Standard Chartered, revealed in a note released on Wednesday that treasury companies and exchange-traded funds purchased 3.8% of total Ethereum trades over the past two and a half months.
Kendrick also raised his price forecast for Ethereum by the end of the year from $4,000 to $7,500, expecting the upward momentum of the currency to continue in the upcoming period.
It is worth noting that the cryptocurrency market is experiencing strong movements amid investor optimism regarding ongoing technological and regulatory developments.