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Next all-time high: Bitcoin climbs to $126,000

Uptober

By Mike Hesp
• 2 min read
Next all-time high: Bitcoin climbs to $126,000

“Uptober” does its name justice: the Bitcoin price has risen to a new record. These factors are fueling the rally.

Bitcoin starts the new week exactly where the last one left off. After Sunday’s price had already broken the old record, the oldest crypto once again peaked at $126,230. Ethereum (+4.29%), Solana (+4.35%), and XRP (+2.30%) also logged solid gains.

The main drivers behind the price rise are growing national debts, the expectation that the U.S. central bank will cut rates despite rising inflation, and gold’s strong performance.

Gold has been hitting record after record in recent weeks and months. Some analysts now foresee a similar, spectacular rise for Bitcoin. Investors in ETH, SOL, XRP and other altcoins meanwhile are betting on the long-awaited “Altcoin Season.”

The growth is being powered mainly by American spot ETFs. Products from BlackRock, Fidelity and other providers drew in $3.2 billion in new capital last week, the second-strongest inflow since their launch.

Also from Japan came positive news: newly elected Prime Minister Sanae Takaichi brings extra optimism for riskier investments. Her victory pushed the Nikkei to a new record. Takaichi is known as a supporter of loose monetary policy, tax cuts and sizable economic stimulus.

The Crypto Fear & Greed Index is once again signaling a “greedy” market mood. While the current bullish momentum may seem a bit overdone, this has lasted for weeks in past bull markets.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.