The global crypto market started Tuesday on an incredible high, with both Bitcoin and Ethereum soaring to new all-time records. Bitcoin briefly touched $126,198 (around Rs. 1.11 crore) before pulling back slightly to $124,000 (approximately Rs. 1.10 crore). Ethereum also saw significant gains, crossing the $4,720 (roughly Rs. 4.1 lakh) mark and holding steady. This impressive rally, fueled by unprecedented institutional investment and favorable economic conditions, highlights the enduring strength of these leading cryptocurrencies during what investors are playfully calling “Uptober.” On Indian exchanges, Bitcoin is currently trading at about Rs. 1.11 crore, while Ethereum hovers near Rs. 4.17 lakh.
Altcoins Join the Surge, Driven by Institutional Investment and Dollar Weakness
Even as Bitcoin showed minor consolidation from its peak, altcoins maintained their strong performance throughout Tuesday. Binance Coin (BNB) was valued at $1,252 (roughly Rs. 1.11 lakh), Solana (SOL) traded close to $234 (around Rs. 20,700), XRP reached $2.99 (approximately Rs. 265), and Dogecoin (DOGE) held firm at $0.26 (roughly Rs. 23).
Edul Patel, CEO and Co-Founder of Mudrex, commented that Bitcoin’s impressive run is influenced by a combination of institutional interest and broader economic signals. He stated, “Institutional capital continues to flow in at record levels, and macroeconomic factors are now a central focus as markets anticipate supportive signals from the Federal Reserve. A softer stance from the September FOMC minutes and a decrease in US jobless claims could potentially push Bitcoin’s rally further, possibly towards $129,000 (around Rs. 1.14 crore).”
The CoinSwitch Markets Desk observed that Bitcoin’s stability was bolstered by institutional demand and a weakening US dollar. They explained, “The ongoing US government shutdown reinforced what’s known as the ‘debasement trade,’ leading to increased demand for both cryptocurrencies and gold. On-chain data indicates persistent accumulation, with exchange reserves steadily declining. A clear breakthrough above current resistance levels could pave the way for a move towards $130,000 (approximately Rs. 1.15 crore) and beyond. However, failing to overcome this resistance might trigger a short-term correction.”
The CoinDCX Research Team also underscored the continued strength of altcoins amidst Bitcoin’s surge. They noted, “Today’s top performers include MYX Finance, which jumped over 31.5 percent, followed by Starknet with over 19.7 percent, and PancakeSwap with more than 12 percent. Furthermore, digital asset funds recorded $5.95 billion (roughly Rs. 52,788 crore) in inflows last week, while the rising US national debt is a factor many believe could further accelerate Bitcoin’s rally.”
Avinash Shekhar, Co-Founder and CEO of Pi42, highlighted XRP’s remarkable resilience, linking it directly to Bitcoin’s stable performance. He commented, “XRP’s recent upward momentum reflects a broader wave of optimism returning to the crypto market, largely driven by Bitcoin’s ability to remain strong above key support levels. Bitcoin’s consistent strength near its recent peaks is instilling confidence across the altcoin spectrum, and XRP is a significant beneficiary of this trend.”
As market participants keenly watch for upcoming signals from the US Federal Reserve, Ethereum’s ability to maintain its position above $4,700 (around Rs. 4.17 lakh) and Bitcoin’s success in reclaiming higher price points will be crucial indicators for the potential continuation of the “Uptober” rally.