Bitcoin (BTC) has mounted another attempt for a fresh all-time record climbing near $123,000, a four-week high during the Wednesday U.S. session.

Two previous attempts, spiking to $122,300 on Monday and topping $123,000 on July 14, were met with heavy selling, knocking down prices intraday below $120,000 on both occasions.

Ethereum’s ether (ETH) was also inching closer to its 2021 peak of $4,865, trading at $4,750 and just 3% shy from that record. Ether continued its recent outperformance, ahead 4.5% over the past 24 hours against 2.3% for BTC.

The crypto rally extended to major altcoins, with Solana’s SOL (SOL) advancing 5% above $200, Uniswap’s (UNI) and Hyperliquid’s (HYPE) native tokens also rallied 5%-6%.

Broader capital markets are providing «supportive momentum» with the S&P 500 and Nasdaq hovering near all-time highs, «buoyed by the softer inflation signals and speculation of Fed easing,» said Joel Kruger, market strategist at LMAX Group.

The current macro backdrop has rarely been more favorable for risk assets, 10x Research noted in a Wednesday report.

«With credit spreads tightening and loan growth turning up, the conditions for a sustained rally are falling into place,» the authors said. The report noted that the Federal Reserve has been reluctant to cut interest rates, but when the central bank pivots, investors will rotate capital into higher-beta risk assets fast. Market participants now see over 90% probability for a 25 basis point cut in the September meeting, but pressure is ramping up on policymakers to consider deeper easing.

«Bitcoin and equities are both responding early, but the market still isn’t fully pricing what’s coming,» the report said.