The crypto bull run shows no signs of slowing, with the total market capitalization soaring to a new all-time high of over $4.3 trillion.
Bitcoin (BTC) briefly exploded to almost $124,000, whereas Binance Coin (BNB) tapped a new historic peak at approximately $1,190.
BTC Pushes Higher
October (often referred to as “Uptober” within the crypto community) has so far proven its legacy as a highly successful period for the primary digital asset. The price has been gradually increasing since the first day of the month, and it reached $123,850 several hours ago.
This means that BTC was just inches away from reaching its all-time high of $124,130, which was witnessed in mid-August. In the following hours, the asset lost some steam, and as of this writing, it trades at roughly $122,400.
The cryptocurrency community is highly optimistic that the asset may set a new record in the short term, while certain indicators reinforce these expectations. As CryptoPotato reported, the latest rally is supported by the rising share of long-term holders (LTHs), signaling growing confidence among that group of investors.
Meanwhile, the market capitalization of BTC has temporarily spiked to almost $2.5 trillion, thus surpassing Amazon and becoming the seventh-biggest asset in the world. The figure later slightly retraced to $2.43 trillion, whereas Bitcoin’s dominance over the altcoins stands at around 55.8%.
These Alts are Also on Fire
Numerous altcoins have charted even more impressive gains than BTC over the past 24 hours. OKB (OKB) exploded by 20%, Aster (ASTER) soared by 13%, while Immutable (IMX) jumped by 10%.
Binance Coin (BNB) spiked by 7% to hit a new all-time high of almost $1,200, whereas other well-known cryptocurrencies, including Avalanche (AVAX), Litecoin (LTC), and Shiba Inu (SHIB), have registered more modest increases of around 2-3%.
Ripple (XRP), Dogecoin (DOGE), and Tron (TRX) are in the opposite corner, experiencing minor declines. The total market capitalization of the sector has spiked by 1.7% and stands at just under $4.3 trillion.
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