Bitcoin Surges to $79K as Ethereum Hits $2.5K and Altcoin Rally Broadens
Bitcoin's price surge has reached new heights as it trades around $79,200, just shy of its target at $80,000. This comes after a significant short squeeze accelerated its breakout through $70,000 and $75,000, adding over 20% to its value in the past week.
Ethereum has also broken through the $2,500 mark, up about 3% over the past 24 hours and more than 30% from levels seen before last week's rally. This move extends the 18% ETH jump that started as Treasury yields eased and leveraged shorts were forced out.
Bitcoin ETF inflows have contributed to the demand for Bitcoin, with U.S. spot funds drawing roughly $1.92 billion across five consecutive positive sessions from August 17 through August 21. The strongest session came Thursday, when the funds attracted about $606 million, led by more than $500 million into BlackRock's IBIT.
Other altcoins are also participating in the rally, with Solana trading near $96 and Zcash retaining much of its recent 30% surge. However, Bitcoin still controls most of the market's liquidity, but ETH, SOL, and other large-cap tokens are now participating with substantially stronger spot volumes than before the breakout.