Bitcoin boomed—and then tumbled. The world’s largest cryptocurrency hit another all-time high Wednesday evening, surging past $124,100, according to data from Binance . But, since notching a new record, the token has dropped 5% and now hovers below $118,000.

Ethereum, the world’s second largest cryptocurrency by market capitalization, is also hovering near all-time highs but is down 4% over the past 24 hours at about $4,500, per Binance . Still, the token’s price has soared over the past month to increase by almost 50%.

The total market capitalization of all cryptocurrencies has dropped almost 4% over the past day to around $4.07 trillion, according to CoinGecko, and the S&P 500 is slightly down Thursday since markets last closed.

Bitcoin’s Wednesday surge followed a bout of optimis

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