Bitcoin recorded a new all-time high of $124,450 during the early Asian trading hours on Thursday. However, BTC price had pulled back to $121,670 at the time of writing. Despite the correction, there were mixed signals about whether the price rally had peaked or whether it was a healthy pullback.

After bitcoin’s latest push to record highs, ether is finally closing in on its own. Both cryptocurrencies have been riding a wave of risk-on sentiment and growing institutional interest, but analysts say ether may have the stronger tailwind.

The U.S. dollar was under pressure on Thursday as traders piled into wagers that the Federal Reserve will resume cutting interest rates next month, powering bitcoin to a record high, while a blistering rally in global stocks took a breather.

STORY: Bitcoin reached a new record on Thursday, surpassing its previous peak from July.Bitcoin, the biggest cryptocurrency, climbed nearly 1% to over $124,000 in early Asia trading.Analysts say a recent rally is driven by expectations of Federal Reserve rate cuts,