Bitcoin hit a historic high above $125,000 as investors flocked to the safe haven.
Increasing institutional demand and global economic uncertainty have led to a new milestone for cryptocurrencies.
Bitcoin broke an all-time high, surpassing $125,000 for the first time since its creation 17 years ago. This milestone was achieved during Asian trading hours, with nearly $50 billion in trading volume recorded in the last 24 hours, according to CoinGecko data.
Bitcoin surpasses the $125,000 milestone amid institutional buying and market volatility.
The surge sparked a wave of liquidations across the market, with CoinGlass reporting that about $100 million of short positions were liquidated in one hour and more than $200 million over the past day.
Analysts attribute the rally to a combination of macroeconomic conditions and increased institutional participation. Joe DiPasquale, CEO of BitBull Capital, said the ongoing U.S. government shutdown has led investors to look at Bitcoin as a hedge against uncertainty and a potential store of value.
Geoff Kendrick, Standard Chartered’s global head of digital assets, said in a note to investors that he expects Bitcoin to continue rising, predicting a near-term target of $135,000 and suggesting it could exceed $200,000 by the end of the year.
The move follows a brief slowdown earlier in the week when traders took profits near the previous record of $124,128. However, the current rally shows continued confidence in Bitcoin’s long-term strength.
Users of Myriad, a prediction market developed by Decrypt’s parent company Dastan, predicted a new record of more than 90% chance for Bitcoin to reach $125,000 by Friday. Current forecasts on the platform indicate that Bitcoin will outperform Ethereum throughout October.
The content of the article is for informational purposes only and should not be considered financial or investment advice.
