#TopContentChallenge#  What happened today? Why did BTC rise? What's the situation with EFH and XRP?

Bitcoin reached an all-time high (ATH) of $124,128.

The cryptocurrency market continues its upward trend. Bitcoin is priced just below $122,000, while the total cryptocurrency market capitalization stands at $4.23 trillion.

Notable developments in cryptocurrencies over the last 24 hours

The optimism in the crypto markets, fueled by positive US CPI data, continues. The total cryptocurrency market capitalization increased by 2.8 percent in the last 24 hours, reaching $4.23 trillion. Having reached an all-time high (ATH) of $124,128 earlier in the day, Bitcoin is trading at $121,785, retreating 2 percent from its record high. Ethereum (ETH) rose 2.9 percent in the last 24 hours to $4,755. With this increase, Ethereum is priced just 3 percent below its all-time high, last seen on November 10, 2021. On the altcoin front, XRP rose 1.3 percent to $3.26, while Solana rose 5.3 percent to $206.57. Meanwhile, on August 13, Bitcoin ETFs saw a total inflow of $729 million, while Ethereum ETFs saw a net inflow of $86.91 million.

Bitcoin (BTC)

ATHs in Bitcoin positively influence market sentiment, and on-chain data confirms high investor interest. In this volatile environment, technical indicators and on-chain data should be closely monitored. Bitcoin fluctuated between 118,930 and 122,700 yesterday, closing at $121,900. This morning, a new all-time high (ATH) was recorded at 124,474. Expectations for a US interest rate cut, a weakening dollar, continued institutional interest, and the Trump administration's crypto-friendly policies are all contributing to this rise.

According to on-chain data, there was a net outflow of 12,800 BTC from exchanges and a significant increase in active addresses, indicating strong long-term investor interest. Technically, short-term support levels are at 121,350 and 120,500. Resistance levels are around $124,000, $125,000, and $127,000. While the RSI is approaching overbought territory, the MACD is trending positively, indicating strong momentum. Based on Fibonacci retracement levels, the 118,000 level could be monitored as a critical low. In the short term, sustaining the price above $124,000 could trigger attempts at new highs.

Ethereum (ETH)

Ethereum has been experiencing a positive divergence for some time. This is partly due to strong inflows into spot Ethereum ETFs last week. Yesterday, it traded between 4,570 and 4,760. Today, it's around 4,750. On-chain data shows that Ethereum staking rates have reached their highest level of the year, and ETH reserves on exchanges have decreased, suggesting a supply constraint and potential upside for the price. Technically, support is at 4,615 and 4,500. Resistance is at $4,783, $4,850, and $4,900. The RSI is in the mid-high range, the MACD is positive, and short-term momentum is bullish. A sustained move above the 4,700-4,800 range could accelerate the move toward the 4,900-5,000 range.

Ripple (XRP)

Ripple traded between 3.20 and 3.31 yesterday and closed at $3.27. Today, after setting a new short-term high at 3.35, it is struggling to stabilize around 3.25. On-chain data shows a 9% increase in XRP Ledger trading volume and a steady increase in the number of wallets, while net outflows from exchanges helped support the price. Technically, support is at 3.2050, 3.1500, and 3.1150, while resistance is at 3.30, 3.38, and 3.49. The RSI and MACD are trending in positive territory in the short term, and a breakout is likely once the price completes its consolidation, but caution is advised.