Bitcoin Breaks Record at $123,693; Ether Nears 2021 High as Crypto Bull Run Accelerates
Bitcoin hit a new all-time high above $123,600, while ether approached its 2021 peak. Institutional adoption, regulatory support, and a blockbuster Bullish IPO are fueling the rally.
Bitcoin Hits Record $123,693; Ether Closes In on 2021 High as Crypto Rally Gains Momentum
Bitcoin (BTC) surged to a historic all-time high of $123,693 on Wednesday night, according to Coin Metrics, marking a fresh milestone in the cryptocurrency’s 16-year history. The rally is being powered by record institutional inflows, friendlier regulation, and a surge of market confidence not seen since 2021.
Meanwhile, Ether (ETH), the world’s second-largest cryptocurrency, climbed 5.7% to $4,763.49, putting it within striking distance of its all-time high of $4,891 from November 2021.
Institutional Demand and Regulatory Tailwinds
Unlike previous bull runs, the 2025 rally is driven by deep-pocketed institutional investors alongside retail traders. Spot Bitcoin ETFs have seen historic inflows, major banks now offer crypto custody, and payment giants are integrating digital asset transactions at scale.
Regulatory agencies, particularly in the U.S. and Europe, are taking a more cooperative stance, creating a clearer framework for crypto products to exist within traditional finance. This shift is boosting corporate and institutional willingness to hold crypto on their balance sheets.
Bullish IPO Reflects Market Optimism
Crypto exchange Bullish had a blockbuster Wall Street debut:
- Opened at $90 — up 143% from the IPO price of $37.
- Closed at $68 — still up 84% on the day.
- After-hours: +12% further gain.
The strong debut signals renewed confidence in crypto-focused companies after the bear market downturn of 2022–2023.
2021 vs. 2025 Bull Market: What’s Changed?
- 2021: Retail speculation, meme coins, and pandemic liquidity dominated.
- 2025: Institutional ETFs, regulated products, and corporate adoption lead.
- 2021: Volatile regulation caused abrupt selloffs.
- 2025: More stable rules are attracting long-term capital.
This structural difference may make the current cycle more resilient, though not immune to volatility.
Ether’s Breakout Potential
Ethereum is benefiting from:
- Network upgrades improving scalability.
- Tokenization projects for real-world assets on Ethereum.
- Growth in DeFi applications.
A breakout above $4,891 could send ETH toward the $5,200–$5,400 range.
Technical Levels to Watch
Bitcoin (BTC)
- Support: $118,500–$119,200
- Resistance: $125,000, then $128,500
Ether (ETH)
- Support: $4,500
- Resistance: $4,891, then $5,200
Risks on the Horizon
Even in a bullish phase, potential risks remain:
- Macro shocks (rate hikes, global slowdown).
- Regulatory changes.
- Exchange hacks or large liquidation events.
Still, sentiment gauges like the Crypto Fear & Greed Index show extreme optimism.
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