Key Highlights:

• Bitcoin is on the verge of establishing a new all-time record during U.S. afternoon trading, nearing $123,000.
• Ether is trading at approximately $4,750, just 3% away from its record high of $4,865 reached in late 2021.
• Joel Kruger from LMAX Group stated, “The conditions for a sustained rally are falling into place.”

Market Overview:

Bitcoin has made another effort to breach its all-time high, approaching $123,000 during Wednesday’s trading hours. Previously, it peaked at $122,300 on Monday and $123,000 in mid-July before facing substantial selling pressure that pulled prices below $120,000.

Ether, meanwhile, has shown strong performance in recent days, surpassing Bitcoin’s gains. Its recent price action has seen an increase of around 4.5% in the last 24 hours compared to Bitcoin’s 2.3%.

Overall, the broader market environment is supportive, with major indices like the S&P 500 and Nasdaq nearing their all-time highs due to easing inflation worries and speculation surrounding potential Federal Reserve monetary policy adjustments.