Bitcoin climbed to a new all-time high Thursday, fueled by growing expectations that the U.S. Federal Reserve may lower interest rates next month.
The world’s largest cryptocurrency rose 0.9% to $124,002 in early trading on Asian exchanges, surpassing its previous peak set in July.
Ethereum, the second-largest cryptocurrency by market value, also rallied, reaching $4,780 — its highest level since late 2021.
Bitcoin has gained nearly 32% since the start of 2025.