Bitcoin Hits All-Time High; Ethereum, Dogecoin Spike: Analyst Says 'Parabolic Phase' Imminent For BTC

Leading cryptocurrencies jumped on Wednesday as optimism about a rate cut boosted investors’ risk appetite.CryptocurrencyGains +/-Price (Recorded at 9:20 p.m. ET)BitcoinBTC/USD+3.37%$123,500.92EthereumETH/USD+3.12%$4,724.41XRPXRP/USD+1.96%$3.29SolanaSOL/USD+4.75%$202.31DogecoinDOGE/USD+4.20%$0.2442Get StartedTrade Bitcoin, Ethereum, and More Instantly — No Wallets, No HassleSpeculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.Get StartedDisclosure: 82% of retail CFD accounts lose moneyEthereum Surges Nearly 90% in Q3Bitcoinsmashed new all-time highs overnight, reaching a new peak of $124,457 before pulling back.Ethereumwas 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 ofBinancefutures 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)CryptocurrencyGains +/-Price (Recorded at 9:20 p.m. ET)OKB(OKB)+138.49%$110.84Arbitrum(ARB)+17.05%$0.5543Raydium(RAY)+16.31%$4.00The 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 HighsStocks gained momentum on Wednesday. TheDow Jones Industrial Averagelifted 463.66 points, or 1.04%, to close at 44,922.27. TheS&P 500jumped 0.32% to finish at 6,466.58, while the tech-heavyNasdaq Compositerose 0.14% to 21,713.14, both notching record highs.Followingsofter-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,accordingto the CME FedWatch toolWhat Next For Bitcoin?Widely followed cryptocurrency analystMiles Deutscherpredicted 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 firmCryptoQuanthighlighted 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.comLoading...Loading...Read Next:ETH To $7,500 In 2025, Says Standard Chartered, As Ethereum ETFs Buy Over $500M AgainBTCGrayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest$54.753.26%Stock Score Locked: Want to See it?Benzinga Rankings give you vital metrics on any stock – anytime.Reveal Full ScoreEdge RankingsMomentum92.34Price TrendShortMediumLongOverview$BTCBitcoin - United States dollar$123400.000.03%$DOGEDogecoin - United States dollar$0.24761.09%$ETHEthereum - United States dollar$4740.90-0.19%$SOLSolana - United States dollar$202.650.51%$XRPRipple - United States dollar$3.311.10%Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. . .Posted In:CryptocurrencyNewsMarketsMoversTrading Ideas