Bitcoin, Ether Near Record Highs as Treasury Play Keeps Growing

Bitcoin and Ether are both trading within a whisker of all-time highs as investors pile into the two largest cryptocurrencies, with a recent wave of demand tilting in favor of the latter.

As of early morning in New York, Bitcoin traded above $120,600 on Wednesday, leaving it about 2% below its July peak. Ether, meanwhile, has shaken off a prolonged spell of underperformance, and is now just 3% shy of its 2021 bull market record. The second-largest token has led a surge that pushed total crypto market capitalization to a record $4.2 trillion, according to data compiled by CoinGecko.