- Bitcoin reached a new record high above $125,800, driving the total cryptocurrency market cap past $4.4 trillion.
- Altcoin market capitalization hit a record $1.75 trillion, with major tokens like Ethereum and Binance Coin posting significant gains.
- Stocks of companies with major Bitcoin holdings, including MicroStrategy and Marathon Digital, rose during trading.
- Investors put $5.95 billion into crypto exchange-traded funds (ETFs) last week, with over half flowing into Bitcoin-specific products.
- Standard Chartered reaffirmed a near-term Bitcoin Price target of $135,000, highlighting the influence of U.S. government shutdown risks.
Bitcoin (BTC) surged to a new record high on Monday, trading above $125,800 and lifting the overall cryptocurrency market capitalization to a new peak of more than $4.4 trillion. The sharp increase came after Bitcoin had already exceeded $125,500 over the weekend, with prices rising over 2% in the last 24 hours.
The rally extended to other cryptocurrencies. The combined value of altcoins reached $1.75 trillion, also a record high. Ethereum (ETH) traded near $4,700, about 5% below its record from September. Dogecoin (DOGE) advanced by over 3.5%. Cardano (ADA), Solana (SOL), and XRP each registered stock increases ranging from 1% to more than 2%. The top performer among major altcoins was Binance Coin (BNB), which climbed nearly 5% to a new high above $1,120.
Shares in companies with large Bitcoin holdings also trended upward. MicroStrategy (MSTR) stock rose by more than 2%, despite the company not confirming a new weekly Bitcoin purchase for the first time since April. Marathon Digital (MARA), a cryptocurrency mining company, outperformed with gains exceeding 6%.
Investor interest in digital assets grew alongside the cryptocurrency rally. According to a CoinShares report, a record $5.95 billion flowed into crypto ETFs last week, with Bitcoin-focused products attracting $3.55 billion. Data from Farside Investors indicated that over $3.2 billion was invested in U.S.-listed Bitcoin ETFs alone.
Last week, Standard Chartered projected that Bitcoin’s price could soon reach $135,000, maintaining its forecast of $200,000 by year-end. Geoffrey Kendrick, the bank’s Global Head of Digital Assets Research, said in a note: “The shutdown matters this time around. During the previous Trump shutdown, Bitcoin was in a different place than now, so it did little. However, this year Bitcoin has traded with ‘U.S. government risks’ as best shown by its relationship to U.S. treasury term premium.”
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