Bitcoin hit a new record late Wednesday as ether climbed even closer to its all-time high. The flagship cryptocurrency rose as high as $124,496, surpassing its July record of 123,193.63, according to Coin Metrics. Ether rose to $4,791.19 overnight, edging closer to its 2021 record of $4,866.01.

Ether's (ETH-USD) price extended its recent bull run toward record highs on Wednesday, outpacing bitcoin (BTC-USD), fueled in part by record inflows into ETH-backed exchange-traded funds and the growing wave of companies adopting the token as a core balance sheet asset.

With both institutional crypto products like Ethereum ETFs attracting record capital flows and niche projects like Bitcoin Penguins riding thematic trends, the current market reflects a mix of high-volume institutional participation and grassroots-driven speculative narratives.