The cryptocurrency market surged over the past 24 hours, with Bitcoin climbing to a seven‑week high as the historically bullish month of October—dubbed “Uptober” by traders—kicked off with strong momentum.
According to CoinGecko data, Bitcoin rose nearly 4% on Thursday, reaching $119,450 in early Coinbase trading. This marks the highest level since August 14, when Bitcoin began retreating from its all‑time high.
The world’s largest digital asset has since cooled slightly, trading at $118,320 at the time of writing. BTC has cleared a key resistance level at $117,500, though another hurdle remains near the $120,000 mark. Analysts say that a decisive break above that threshold could pave the way for fresh record highs.
The rally has lifted the overall crypto market capitalization by 3.5% to $4.16 trillion, with Bitcoin’s market cap reaching $2.37 trillion—surpassing the valuation of Amazon, according to CompaniesMarketCap.
Macroeconomic Shifts Fuel Bitcoin Appetite
October has historically been Bitcoin’s strongest month, delivering gains in 10 of the past 12 years, according to CoinGlass data. This rally may also be receiving an extra boost from weakening US economic indicators and several impending SEC approval deadlines on altcoin ETF.
Fresh labor market data from the Bureau of Labor Statistics showed job openings edged up slightly in August while hiring declined. Combined with a weak private payrolls report and softer consumer confidence readings earlier this week, analysts believe this signals a potential uptick in unemployment.
“I think front and center, it’s to do with the weak ADP employment report,” said Tony Sycamore, market analyst at IG. “This suggests the unemployment rate will likely rise from 4.3% to 4.4% in September, guaranteeing more Fed rate cuts.”
The probability of a 0.25% Federal Reserve rate cut on Oct. 29 now sits at 99%, up from 96.2% earlier in the week, according to CME futures prediction markets.
“As traditional economic indicators weaken, Bitcoin’s rally past $118,000 demonstrates its increasing sensitivity to monetary policy outlooks and its appeal as a hedge against economic uncertainty,” said Nick Ruck, director at LVRG Research.
Altcoins Join the Rally
While Bitcoin remains the market driver, Ether posted gains of more than 5%, climbing to $4,390, its highest price since September 22. Other leading altcoins—including Solana, Dogecoin, Cardano, Chainlink, and Hyperliquid (HYPE)—each jumped more than 6% over the past day.
Traders say October’s positive momentum may encourage broader participation across digital assets, but much depends on whether Bitcoin can hold above the $120,000 resistance level in the coming days.