Leading cryptocurrencies jumped on Wednesday as optimism about a rate cut boosted investors’ risk appetite.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:20 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +3.37% | $123,500.92 |
| Ethereum (CRYPTO: ETH) | +3.12% | $4,724.41 |
| XRP (CRYPTO: XRP) | +1.96% | $3.29 |
| Solana (CRYPTO: SOL) | +4.75% | $202.31 |
| Dogecoin (CRYPTO: DOGE) | +4.20% | $0.2442 |
Ethereum Surges Nearly 90% in Q3
Bitcoin smashed new all-time highs overnight, reaching a new peak of $124,457 before pulling back. Ethereum was only 3.33% away from hitting its own record high.
The two cryptocurrency heavyweights performed admirably in the third quarter, with ETH rising about 89% and BTC up 14% as of this writing.
Bearish traders continued to feel the feat as over $280 million in shorts was liquidated from the cryptocurrency market in the last 24 hours.
Bitcoin's open interest climbed 5.36% in the last 24 hours, and 7.8% in the last week, to $84.53 billion. The majority of Binance futures traders with open BTC positions were short as of this writing, according to the Long/Short ratio.
The "Greed" sentiment rose from 73 to 75 in the last 24 hours, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:20 p.m. ET) |
|---|---|---|
| OKB (OKB) | +138.49% | $110.84 |
| Arbitrum (ARB) | +17.05% | $0.5543 |
| Raydium (RAY) | +16.31% | $4.00 |
The global cryptocurrency market capitalization stood at $4.2 trillion, following a 3.22% spike in the last 24 hours.
S&P 500, Nasdaq Close At Record Highs
Stocks gained momentum on Wednesday. The Dow Jones Industrial Average lifted 463.66 points, or 1.04%, to close at 44,922.27. The S&P 500 jumped 0.32% to finish at 6,466.58, while the tech-heavy Nasdaq Composite rose 0.14% to 21,713.14, both notching record highs.
Following softer-than-expected July consumer price index data, traders now see a 94% chance the central bank decreases interest rates by 0.5% at its September meeting, according to the CME FedWatch tool
What Next For Bitcoin?
Widely followed cryptocurrency analyst Miles Deutscher predicted a "parabolic phase" for BTC, citing the Bitcoin Cycle Model.
MarketMaestro, another technical analyst and investor, set a short-term target of $126,000 for BTC.
On-chain analytics firm CryptoQuant highlighted a sharp increase in Ethereum outflows, suggesting significant buying pressure.
"As of August 12, 2025, the SMA30 [30-day Simple Moving Average] stands at -40,000 ETH, meaning an average daily outflow of 40,000 ETH over the last month," Santiment stated. "As long as SMA30 stays in negative territory, the uptrend in Ethereum is likely to continue."
Photo Courtesy: Volodymyr Maksymchuk on Shutterstock.com
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