Bitcoin Surpasses $125,500, Hitting New All-Time High

Bitcoin (BTC), the leading cryptocurrency, hit a new all-time high (ATH) on October 5. According to on-chain data from the price-tracking website CoinMarketCap, the apex cryptocurrency reached a peak value of $125,559.

Notably, the price surge comes in the same month crypto enthusiasts have dubbed “Uptober” due to its record of uptrends.

BTC Crosses $125K

Bitcoin’s latest price breakthrough comes amid several weeks of consolidation. For weeks, BTC lingered around $110,000 and $120,000. Barely two weeks ago, however, bitcoin’s price tanked below the $110,000 threshold, sparking concerns about an impending capitulation. That was the first time it dropped below that price mark since May.

The last time BTC hit an all-time high was in July, when it surpassed the $123,000 price mark. At the time of writing, the leading cryptocurrency has rebalanced at a trading price of $123,400, representing a 1.31% increase over the past 24 hours.

Bitcoin’s market capitalization currently sits at $2.45 trillion. It also has a 24-hour traded volume of $68.95 billion, representing a 38.4% increase. This suggests that some investors are likely taking profits while others are jumping in to hold the leading crypto.

Other cryptocurrencies also experienced notable uptrends following BTC’s price pump. Currently, digital assets such as ETH, XRP, and BNB have recorded mild price increases to $4,520, $3, and $1,160, respectively.

$200K Incoming?

Bitcoin’s current price surge fuels speculation from market experts that the leading cryptocurrency will reach a trading price of $200,000 by the end of the year.

Earlier this year, BitMine’s chairman, Thomas Lee, projected that BTC could hit a trading price of $200,000 before the end of the year. He believed that the interest rate adjustments by the Federal Reserve would be a key factor in pushing BTC’s price higher. Recall that the Fed cut the interest rate by 0.25% in mid-September.

Arthur Hayes, the co-founder of BitMEX, also predicted that BTC is on its way to hit $200,000 soon.

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