Bitcoin Hits Record High; Ether, Dogecoin, BNB Prices Rise
Bitcoin (BTC) continues its upward trend, reaching a new high of $126,223, supported by the dollar's weakness. It also achieved record highs in euro and Swiss franc terms.
- BTC is currently trading around $125,200, marking a 1.5% increase in 24 hours.
- Ethereum (ETH) rose by 4% to $4,700, influencing the CoinDesk 20 Index positively.
- Memecoin Dogecoin (DOGE) and BNB token both saw gains of around 6%.
- Crypto stocks showed mixed results: Robinhood (HOOD) fell 3%, while Galaxy Digital (GLXY) rose 7% after launching a new crypto trading platform.
- Companies like Coinbase (COIN), Circle (CRCL), and Strategy (MTSR) closed about 2% higher.
- Mining stocks surged approximately 10%, driven by AMD's deal with OpenAI, reflecting increased data center demand.
Market Insights
The rally is attributed to macroeconomic factors, such as the U.S. government shutdown, leading to increased investments in assets like gold and BTC.
- Strong inflows into BTC ETFs and reduced spot supplies are creating a bull cycle.
- Short-term targets for BTC are projected at $128,000–$130,000, with potential upside to $138,000.
- Overbought conditions might lead to corrections between $118,000–$120,000.
Investors should monitor volatility and put volume changes as indicators of possible near-term corrections.