It was another eventful week in the cryptocurrency markets, as two of the leaders managed to break into uncharted territory before staging a minor pullback.
But first, let’s rewind the clocks to the previous week, which marked the beginning of October, often referred to as Uptober in the digital asset community. BTC had already recovered some of the mid-September losses, but only doubled down and surged to $120,000 for the first time since August. On Friday alone, it went from $120,000 to $124,000 but failed to break its all‑time high.
That happened over the weekend, which is somewhat surprising given the overall calmer behavior during those days. On Sunday morning, the cryptocurrency went on a run and shot to almost $126,000 to chart a fresh peak.
After an immediate rejection, the bulls went on the offensive once again on Monday and propelled BTC to a new record, this time of over $126,000. What followed was another retracement, this time more painful and lasting. Bitcoin dropped by over five grand in a few hours and slipped below $121,000.
It tried to bounce off in the following days but was stopped at $124,000 and pushed south to under $120,000 on Thursday. As of press time, it has reclaimed that round‑numbered level and is up to $121,000. It’s worth noting that more volatility is expected in the following days due to the uncertainty prompted by the US government shutdown.
For now, though, the lack of any positive developments on that front has benefited certain cryptocurrencies. BTC was not the only one to post a new record, as BNB did the same at well over $1,300 before it slipped to $1,250. Still, it managed to surpass XRP. ZEC is the other massive gainer weekly, having surged by 60%. It marked a four‑year peak earlier today at $280 before it stalled at $240.
Market Data
Market Cap: $4.215T | 24H Vol: $181B | BTC Dominance: 57.1%
BTC: $121,200 (+0.8%) | ETH: $4,325 (-3%) | XRP: $2.81 (-7%)
This Week’s Crypto Headlines You Can’t Miss
Altseason Calls Intensify as Crypto Market Cap Hits Record $4.4T. As the crypto market surged on Monday to fresh peaks and the total capitalization exceeded $4.4 trillion for the first time, the crowd got excited about the prospects of a new altseason.
Arthur Hayes: Bitcoin’s 4‑Year Cycle Is Over, Endless Bull Run Ahead. Speaking of excitement for new records and regimes, Arthur Hayes believes the four‑year cycle is dead. Instead, he envisions a never‑ending BTC bull run, while some analysts predicted massive price pumps of up to $400,000 per bitcoin.
Ethereum Could Triple to $13,000 This Cycle If History Repeats, Analysts Say. And there’s some for the Ethereum fans. Although the asset currently struggles well below $4,300 and is yet to break its ATH during this cycle, analysts are adamant that it will inevitably do so and peak beyond $10,000.
Peter Schiff Predicts Bitcoin Crash as Gold Hits Record High. But there’s also the opposite side, and who better to offer a doom‑and‑gloom scenario than Peter Schiff? The famous gold bug predicted another bitcoin crash, while his favorite asset class hit a new all‑time high as well this week at over $4,000/oz.
Analyst Insights: Bitcoin Could Drop More as Dollar Rebound Tightens Global Liquidity. Here are some more troubling forecasts for BTC. The US dollar, which has been losing ground for months, has rebounded in the past week or so, which could actually harm bitcoin’s price actions during this quarter.
XRP Whales Offload $50M Daily: Sell Pressure Threatens Price Drop. Ripple’s native token has failed to maintain its momentum in the past week and closed with a 7% decline. What’s even more worrying is the fact that whales have been consistently selling off substantial portions of the asset on a daily basis.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.