Bitcoin Hits ATH Above $124K As Cardano Soars 17%

Bitcoin hit a new all-time high (ATH) above $124k on Wednesday, extending its month-long rally, while Cardano jumped 17% to a five-month peak on news of an ADA ETF filing by Grayscale.

Bitcoin climbed to $124,128, driven by expectations of Federal Reserve rate cuts, institutional buying, and pro-crypto policies from the Trump administration. BTC has since fallen to $120,509 at 8:34 a.m. EST, more or less flat on the day.

Cardano was also in the spotlight after a 17% jump powered by news that fund manager Grayscale submitted an application on August 12 to register a spot Cardano ETF in Delaware, using a strategy similar to its Bitcoin ETF. ADA is currently up 4.1% to trade at $0.9193.

The BTC and ADA price pumps came as the crypto market overall climbed 1.5% to reach a market capitalization of $4.21 trillion.

This surge in the Bitcoin price is trickling down to other altcoins, with Gitcoin (GTC), Wiki Cat (WKC), and Skale (SKL) leading the top gainers list on CoinGecko, with pumps of almost 50% each.   

BTC Soars As Fed Rate-Cut Hopes Inject Market Optimism

Bitcoin investment is being buoyed by expectations of interest rate cuts next month after lower-than-expected US CPI inflation this week. President Donald Trump has called for a 1 percentage point cut cut and Treasury Secretary Scott Bessent earlier urged a 50 basis point cut.

The BTC rally also comes as Federal Reserve rate cut expectations climb to over 90% for September. Lower interest rates typically boost risk assets like cryptocurrencies as the lower cost of borrowing boosts liquidity. 

Since his return to the White House, BTC has risen 32%, boosted by a series of pro-crypto policies. Just last week, Trump signed an executive order that opens crypto to to $8.7 trillion of assets held by 401(k) pension plans.

Trump: “I believe we should be 3 or 4 points lower. So that’s over $1 trillion we pay every year in interest. And it’s really just a paper calculation. You sign a document and you save almost a trillion dollars.” pic.twitter.com/QWodkI7WAb

— Aaron Rupar (@atrupar) August 13, 2025

Meanwhile, BTC is picking up interest from major institutions, as they continue adding to their hoard.  

This week, Japanese Bitcoin treasury firm Metaplanet acquired an additional 518 BTC for roughly $61.4 million, as the company continues to accumulate the world’s top cryptocurrency.

Metaplanet has acquired 518 BTC for ~$61.4 million at ~$118,519 per bitcoin and has achieved BTC Yield of 468.1% YTD 2025. As of 8/12/2025, we hold 18,113 $BTC acquired for ~$1.85 billion at ~$101,911 per bitcoin. $MTPLF pic.twitter.com/Gm2bYBgYF0

— Simon Gerovich (@gerovich) August 12, 2025

Metaplanet’s Tuesday purchase follows its announcement of plans to raise up to $3.7 billion to support its BTC acquisition strategy.

Michael Saylor’s Strategy remains the biggest corporate investor in Bitcoin with a hoard of over $628,946 BTC, according to Bitcointreasuries.net.

Bitcoin May Target New ATH At $130K

BTC price continues to respect the rising channel pattern, as it maintains highs and higher lows since April 2025.

It is currently testing the $122,000–$124,000 resistance area after rebounding from mid-channel support near $115,000, as GeckoTerminal data shows.

The 50-day Simple Moving Average (SMA) at $114,885 is providing strong dynamic support, with the 200-day SMA far below at $99,914, which cements the overall outlook.

The Relative Strength Index (RSI) is at 62.42, showing strong bullish momentum without being overbought, which signals that investors still have a space to push the price up before being overextended.

Furthermore, the Moving Average Convergence Divergence (MACD) is also showing signs of a bullish rally, with the blue MACD line crossing above the orange signal line.

If the price of Bitcoin breaks above $125,000, the asset could target a new ATH at $130,000.

However, failure to break resistance could see a pullback to $115,000 or, in a deeper correction, toward $110,000 support.

Cardano’s ADA Jumps 17% On ETF Filing

As the Bitcoin price hit its latest new ATH, Cardano’s ADA surged 17% to touch $1 for the first time in months. 

The filing has triggered a chain of speculation about potential regulatory greenlights and broader adoption of ADA within the traditional financial markets.

According to decentralized prediction market Polymarket, traders now see an 80% chance that the US SEC (Securities and Exchange Commission) will greenlight a Cardano ETF this year.

Another catalyst could be after the Cardano community approved a $71 million (96 million ADA) funding plan to advance key upgrades. The upgrades include the Hydra scaling solution and the Ouroboros Leios consensus mechanism.

These key upgrades to the Cardano ecosystem aim to improve transaction speed, finality, and scalability issues. After this upgrade, ADA could become more attractive to both developers and institutional investors, a bullish case for the price of Cardano token, which is up 36% in the last month.

The ADA/USD chart analysis on the daily timeframe shows that the 50-day SMA has crossed above the 200-day SMA, forming a golden cross at $0.7244, which could act as a bullish factor.

Moreover, the RSI shows signs of a continued surge, signaling strong buying pressure past the 70-overbought zone.

The MACD line has also turned positive, with the blue MACD line crossing above the orange signal line.

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