The global cryptocurrency market began the week with a strong bullish sentiment as Bitcoin solidified its recent gains after reaching an unprecedented all-time high over the weekend. The premier digital asset briefly soared past the $125,500 mark before stabilizing around $124,000. Ethereum also demonstrated remarkable resilience, maintaining its position above $4,500, a clear indicator of the upward trajectory observed since the beginning of October, a phenomenon affectionately dubbed ‘Uptober’ by enthusiasts. On Indian exchanges, Bitcoin is currently valued at approximately Rs. 1.08 crore, with Ethereum hovering around Rs. 3.95 lakh.
Bitcoin Holds Steady Near Record Highs, Driven by ETF Inflows and ‘Uptober’ Momentum
Although Bitcoin experienced a price surge over the weekend, the broader altcoin market exhibited varied performance on Monday. Binance Coin (BNB) was trading at $1,191, while Solana (SOL) remained close to $232. XRP was priced at $2.97, and Dogecoin (DOGE) maintained a stable value of $0.25.
Avinash Shekhar, Co-Founder and CEO of Pi42, emphasized the robust institutional interest. “The cryptocurrency market is experiencing a vibrant ‘Uptober’,” he stated. “Significant ETF inflows, surpassing $4.5 billion, coupled with renewed institutional demand, including a $302 million accumulation, are vigorously fueling this rally. Investors are keenly observing if Bitcoin can sustain its upward trajectory towards the $150,000 target, with $115,000 acting as a crucial support level. Ethereum, consistently trading above $4,600, continues to demonstrate remarkable resilience, and other altcoins are steadily gaining ground.”
“The crypto markets have been firmly under bullish control since the beginning of the month,” commented Sumit Gupta, Co-Founder at CoinDCX. “Market sentiment has shifted to a neutral stance, suggesting a sustained upward trend in the coming days.” He further noted a significant development: Bitcoin’s supply on exchanges has reached a six-year low, a clear indicator of burgeoning optimism among investors.
The CoinSwitch Markets Desk reported that Bitcoin (BTC) achieved a new all-time high, briefly elevating its market capitalization to nearly $2.5 trillion. “Momentum intensified last week, driven by a surge in liquidity inflows and the uncertainty surrounding the ongoing US government shutdown,” they explained. “Investors are increasingly perceiving BTC as a reliable hedge against fluctuations in the US dollar.”
Edul Patel, CEO of Mudrex, attributed the positive market conditions to wider macroeconomic factors. He elaborated that “a weaker dollar, substantial downward revisions of US employment figures, and the US government shutdown have collectively fostered a bullish environment for traditional safe-haven assets like gold, as well as cryptocurrencies.”
In related news, Finance Minister Nirmala Sitharaman recently emphasized the critical importance of stablecoins, stating that nations must actively adopt them to avoid being left behind. India, in particular, stands to gain substantially from stablecoin integration, potentially saving billions in remittance fees and fortifying its thriving fintech-driven digital ecosystem.