Bitcoin (CRYPTO: BTC) surged to a fresh weekly high of $122,026 on Wednesday before falling back below $121,000, capping a broad cryptocurrency market advance that lifted total capitalization to $4.189 trillion, according to CoinGecko data.
What Happened: The latest milestone came as major altcoins posted double-digit gains, led by Ethereum‘s (CRYPTO: ETH) powerful rally toward its all-time high.
The market has rebounded sharply from early August lows, when Bitcoin briefly dipped below $113,000 and the total market cap fell under $3.8 trillion.
Since then, prices have risen more than 10%, supported by growing institutional inflows, stronger macro sentiment, and renewed interest in blockchain applications.
The apex cryptocurrency is now barely 1% away from its all time high of $122,838.
Ethereum was the standout performer of the day, climbing 10% to $4,692, just 4% shy of its November 2021 peak of $4,861.
The move was fueled by $524 million in net inflows to U.S.-listed spot ETH ETFs on Tuesday, nearly eight times the daily inflows to Bitcoin ETFs.
Corporate treasuries have been accumulating ETH in size, echoing Bitcoin accumulation strategies, with companies like Bitmine (AMEX:BMNR) and Sharplink Gaming (NASDAQ:SBET) purchasing over 2 million ETH since June.
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