The week starts with crypto markets in a confident mood. Bitcoin is up 3% and trading at $122,000, while Ethereum has pushed past $4,300 for the first time since 2021. Most of the market is in the green, with only a handful of coins showing modest losses.
Bitcoin Nears Record Levels
Bitcoin’s momentum hasn’t faded since July. Even during recent corrections, the price never dipped below $112,000, and now it sits less than $1,100 away from its all-time high of $123,091. The latest push higher comes after El Salvador passed a new law opening Bitcoin services to institutional investors, and MicroStrategy’s Michael Saylor hinted his company had increased its holdings again.
The move was amplified by ongoing optimism over President Trump’s executive order to explore crypto allocations in 401(k) plans. With ETF inflows still strong and open interest rising, traders are watching closely for a fresh record.
Ethereum Extends Breakout
Ethereum is having its best run in years. After clearing $4,200 last week, it’s now above $4,300 – just 12% below its all-time high. The rally has been powered by heavy institutional buying, with ETH-focused ETFs seeing $461 million in inflows last week, outpacing Bitcoin products. Corporate treasuries are also adding to demand, with firms like Bitmine rapidly expanding their ETH reserves.
The mix of ETF inflows, corporate accumulation, and global buying interest has traders eyeing $4,500 as the next big target. In Japan and South Korea, ETH has already broken local currency all-time highs.
Altcoins Follow
XRP, BNB, and Solana are all in positive territory, though with smaller gains – up 0.3%, 1%, and 1.6% respectively. Among stronger movers, Hyperliquid is up 6%, Ethena (ENA) gained 10%, and Lido DAO jumped 14%, continuing the momentum after the SEC confirmed liquid staking assets are not securities.
Losses are minimal. MemeCore is down 4%, while Pi Network and Monero each slipped 2.5%. Other red numbers in the top 100 are under 2%.
What’s Ahead This Week
Markets are bracing for Tuesday’s US CPI report, which could influence the timing of the Federal Reserve’s expected rate cuts. Economists forecast a slight rise in annual inflation to 2.8%. A softer reading could strengthen the case for a September cut – something traders are already pricing at nearly 90%.
On Friday, President Trump will meet Vladimir Putin to discuss the Russian-Ukrainian conflict. While crypto isn’t directly tied to the issue, any broader market reaction could spill over into digital assets.
With Bitcoin within touching distance of a record and Ethereum in full rally mode, this week’s macro data could decide whether crypto breaks new ground before the month ends.
Need a quick and easy way to see what’s happening in crypto over the next few days? Check out our Crypto Events Calendar!
