The total market capitalization of the crypto sector surged past $4.35 trillion.
The bulls remain in charge of the cryptocurrency market with numerous leading digital assets registering additional increases.
Bitcoin (BTC) leads the rally as it reached a new all-time high price, while popular altcoins like ZCash (ZEC) spiked by double digits.
New Record
Following a turbulent end to September, the primary cryptocurrency has kicked off “Uptober” in style, surging by more than $11,000 since the beginning of the month. Just a few hours ago, it surpassed the milestone of $125,000 and reached a new all-time high of approximately $125,500 (according to CoinGecko’s data). Shortly after, it slightly retraced to its current value of $125,000.
The impressive rally could be attributed to several bullish factors, suggesting that the upward momentum may persist in the coming weeks and months, potentially leading to even greater gains.
Among those is the seasonal optimism that usually accompanies “Uptober” and the declining supply of BTC stored on crypto exchanges. Recently, the amount of coins held on such platforms plummeted to a seven-year low of less than 2.5 million, signaling that investors are not currently focused on profit-taking but are instead moving their holdings to self-custody methods – a trend that reduces immediate selling pressure.
Meanwhile, BTC’s market capitalization soared above $2.5 trillion – the highest point ever. Its dominance over the altcoins stands at around 55%.
ZEC on the Run
The leading altcoins, including Ethereum (ETH), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE), have followed BTC’s pump by registering daily price increases in the range of 2-3%.
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ZCash (ZEC) has posted a much more impressive gain of over 20%. Its price is up a whopping 190% on a weekly scale and now trades at roughly $160.
On the other hand, Avalanche (AVAX), Cronos (CRO), Internet Computer (ICP), and Worldcoin (WLD) have registered minor declines. The total market capitalization of the sector has spiked by 1.5% and stands at over $4.35 trillion.
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