Bitcoin hits record high above $124,000 before pullback

Cryptocurrency performance was mixed during Thursday’s trading, as investors moved toward high-risk assets following a relative easing of trade tensions amid expectations that the Federal Reserve will cut interest rates.

Bitcoin slipped 0.3% to $122,125.10 as of 12:09 a.m. Makkah time, after touching $124,496—its highest level on record—and accounted for about 58.7% of the total cryptocurrency market capitalization.

Ethereum, the second-largest cryptocurrency by market value, came close to its all-time high, reaching $4,787.85 before settling at $4,729.59, while Ripple rose about 0.3% to trade at $3.2757.

The total global cryptocurrency market capitalization stands at $4.16 trillion, with total trading volume over the past 24 hours reaching $249.15 billion, according to CoinMarketCap data.

According to data from El Salvador’s Bitcoin Office, the country purchased an additional seven Bitcoins over the past seven days, bringing its total holdings to 6,268.18 Bitcoins, valued at more than $766 million.