Bitcoin Price Hits Fresh Peak, Market Cap Booms Past $4 Trillion; Check Cryptocurrency Prices Today, Oct 6th

The cryptocurrency market is experiencing high volatility on Monday after Bitcoin created a fresh record by hitting $125,680 yesterday, October 5th. Back in August, the Bitcoin price was trading near record levels around $124,000, but the recent bull run has pushed cryptocurrency prices to fresh peaks. Other major tokens such as Ethereum, Binance Coin, Solana, and Dogecoin also joined the rally, recording huge gains over the weekend. However, by Monday morning, Bitcoin and other top cryptocurrencies were trading slightly lower as investors engaged in profit booking. The rally has also led to a sharp rise in the overall global crypto market cap.

"Bitcoin hit a new all-time high of $125,500, taking the total crypto market cap to $4.26 trillion. Factors like weak dollar strength, massive downward revisions of US jobs numbers, and the US government shutdown have created a bullish environment for safe-haven assets like gold and crypto." Said Edul Patel, CEO of Mudrex.

"This setup also drove strong institutional demand for Bitcoin, with spot Bitcoin ETFs seeing over $3.25 billion in inflows. Meanwhile, the total Bitcoin balance on centralised exchanges fell to a six-year low of just 2.83 million BTC. This scarcity increased buy-side pressure, adding to the momentum. Currently stabilising at $124,100, sustained momentum could push BTC towards $140,000 in the coming weeks while forming strong support at $117,300," he further added.

Bitcoin Price Dips Slightly After Record Surge

Following the record-breaking move, Bitcoin price today is trading at $123,967.35, with a 0.98% decline in the last 24 hours. Bitcoin's m-cap now stands at $2.22 trillion. Despite the mild correction, Bitcoin remains up 8.37% over the week and 12.47% for the month.

Ethereum Holds Steady Above $4,500

Ethereum is currently trading resiliently at $4,537.32, down 0.82% in the past day. Backed by a market cap of $547.81 billion. Ethereum has recorded a 7.57% weekly and 6.14% monthly gain.

Altcoin Performance: BNB, Solana, and Dogecoin Lead

Among the top cryptocurrencies, Binance Coin (BNB) continues to outperform, up 14.64% weekly, and Solana (SOL) remains a standout performer, changing hands at $231.95, up 8.89% this week and 15.81% over the month.
Meanwhile, Dogecoin (DOGE) fell 3.34% to $0.2537, though it still boasts 7.90% weekly and 17.50% monthly gains.

Stablecoins and Other Tokens Stay Balanced

Tether (USDT) and USD Coin (USDC) continue to maintain their $1 peg, with market caps of $177.06 billion and $75.18 billion, respectively. TRON (TRX) slipped 0.24% to $0.3419, while Cardano (ADA) fell 2.99% to $0.8414.
Chainlink (LINK) is trading at $21.90, down 2.88%, while Hyperliquid (HYPE) dropped 4.18% to $48.40 despite moderate weekly and monthly gains.

Crypto Market Outlook

Analysts say the crypto market is entering a short-term consolidation phase after Bitcoin's record surge.

"BTC ETFs recorded $3.2B in inflows last week, reflecting institutional demand as well. Investors are increasingly viewing BTC as a hedge against the U.S. dollar. The BTC exchange reserve has dropped to a six-year low, hinting at a holding pattern among users. BTC hit a new all-time high, crossing $125K and briefly pushing its market cap close to $2.5 trillion. Momentum started building last week as liquidity inflows surged and the ongoing U.S. government shutdown fuelled uncertainty.BTC is now stabilising around $124K as traders assess momentum, with support near $122K and resistance at $125K-$125.5K, suggesting short-term consolidation before the next leg." as per the CoinSwitch Markets Desk

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.