Bitcoin back at historic peak - investors drive price upwards

Bitcoin is on the verge of hitting an all-time high again. The price rose 3.2 per cent to exceed $122,000 - just a step up from July's record of 123,205. The main drivers of growth are large institutional investors and corporate treasuries, which are actively buying up the cryptocurrency. According to Coingecko, such entities already hold $113 billion worth of bitcoins. Ether has a similar figure of 13 billion.

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BTC Markets analyst Rachael Lucas explains: interest in bitcoin is fuelled by investments in corporate treasuries, US spot ETFs and a change in sentiment after the introduction of tariffs on gold imports in the US. Against a backdrop of disruptions to its supply and political risks, bitcoin is strengthening its reputation as an international, tariff-independent way to preserve capital.

Ether is also on the upside. It broke through the $4,300 mark over the weekend, its highest since December 2021.

There's confident optimism on ether options: the put-to-call ratio is 0.40. Most bets are on it rising to $6,000 by December. According to Sean McNulty of FalconX, investors are focusing on September and December, which coincides with expectations of a Fed rate cut and the integration of cryptocurrencies into classic finance.

If growth continues, bitcoin could rewrite the record as soon as possible. If not, the nearest support level is around $116,000.

Source: Bloomberg