Bitcoin Breaks All-Time High Records, Trading Near $125,000; Why Is Cryptocurrency Rising? | Cryptocurrency News

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The popular cryptocurrency Bitcoin surged to hit the record high at $125,000 on Sunday. According to CoinMarketCap, the price of Bitcoin was trading at $124,917 with a gain of 1.97 per cent in past 24 hours. Bitcoin price witnessed a sharp spike in the past seven days with a jump of 14 per cent. The market cap of Bitcoin rose 1.88 per cent to $2.48 trillion.

Optimism over potential Federal Reserve rate cut, increased inflows into Bitcoin exchange-traded funds (ETFs), and macroeconomic uncertainties, including the recent US government shutdown, are the major reasons that have prompted investors to put their money into safe assets like Bitcoin.

Digital assets are moving beyond trading instruments and moving towards providing utility as a component of corporate treasury and portfolio allocation, and are increasingly relevant to solving operational inefficiencies in transaction settlement, explained SB Seker, Head of APAC, Binance.

Historically, October is being considered as the best month for Bitcoin in terms of price appreciation. The “Uptober Effect” in Bitcoin refers to a historical pattern where the cryptocurrency tends to see significant price gains during the month of October. Traders and analysts have observed that October has often been one of Bitcoin’s strongest performing months in terms of price appreciation.

The momentum has also led to capital rotation into established altcoins like Ethereum, Litecoin, and XRP, strengthening the broader market. Seasonality further supports this trend, as October, often referred to as ‘Uptober’, has historically been Bitcoin’s strongest month. With September closing on a higher base than usual, the outlook for Q4 remains constructive, supported by the fact that Bitcoin has ended four of the last five quarters in positive territory, said CoinSwtich Market Desk.