Bitcoin recorded a new all-time high of $124,450 during the early Asian trading hours on Thursday. However, BTC price had pulled back to $121,670 at the time of writing. Despite the correction, there were mixed signals about whether the price rally had peaked or whether it was a healthy pullback.

Bitcoin and Ether are both trading within a whisker of all-time highs as investors pile into the two largest cryptocurrencies, with a recent wave of demand favoring the latter.

After bitcoin’s latest push to record highs, ether is finally closing in on its own. Both cryptocurrencies have been riding a wave of risk-on sentiment and growing institutional interest, but analysts say ether may have the stronger tailwind.