Bitcoin Price Drops to $124,000 After Hitting New All-Time High

The global crypto market opened Monday on a bullish note, as Bitcoin consolidated gains after hitting a new all-time high over the weekend. The world's most widely used digital asset briefly surged past the $125,500 (roughly Rs. 1.1 crore) mark, before dropping to around $124,000 (roughly Rs. 1.1 crore). Ethereum also held strong above $4,500 (roughly Rs. 3.99 lakh), reflecting the momentum that is seen since the start of October, a period popularly known as ‘Uptober'. As per the Gadgets 360 price tracker, Bitcoin is trading around Rs. 1.08 crore on Indian exchanges, while Ethereum stands close to Rs. 3.95 lakh. 

Bitcoin Consolidates Near Record Highs as ETF Inflows Boost ‘Uptober' Rally

While Bitcoin's price rose over the weekend, the altcoin market showed mixed moves on Monday. Binance Coin (BNB) was trading at $1,191 (roughly Rs. 1.05 lakh), while Solana (SOL) hovered near $232 (roughly Rs. 20,600). XRP stood at $2.97 (roughly Rs. 260), and Dogecoin (DOGE) was steady at $0.25 (roughly Rs. 22).

Avinash Shekhar, Co-Founder and CEO of Pi42, highlighted strong institutional demand. “The crypto market is in full swing this Uptober [...] Strong ETF inflows exceeding $4.5 billion (roughly Rs. 39,906 crore) and renewed institutional demand, including a $302 million accumulation, are fuelling the rally. Traders are now watching if Bitcoin can maintain momentum toward the $150,000 (roughly Rs. 1.33 crore) target, with $115,000 (roughly Rs. 1.02 crore) as key support. Ethereum, trading above $4,600 (roughly Rs. 4 lakh), continues to show resilience, while altcoins are also catching up,” he said.

“The bulls have been dominating the crypto markets since the start of the month. Market sentiment has coiled up to neutral, indicating a continued upswing over the next few days,” said Sumit Gupta, Co-Founder at CoinDCX. He further added that Bitcoin's supply on exchanges has dropped to a six-year low, pointing to growing optimism among investors.

The CoinSwitch Markets Desk noted that BTC hit a new all-time high, briefly pushing its market cap close to $2.5 trillion (roughly Rs. 2,21,70,000 crore). “Momentum started building last week as liquidity inflows surged and the ongoing US government shutdown fuelled uncertainty [...] Investors are increasingly viewing BTC as a hedge against the US dollar.”

Edul Patel, CEO of Mudrex, pointed to broader macroeconomic tailwinds and told Gadgets 360 that “Weak dollar strength, massive downward revisions of US jobs numbers, and the US government shutdown have created a bullish environment for safe-haven assets like gold and crypto.”

Finance Minister Nirmala Sitharaman recently highlighted stablecoins as a key area of focus, noting that nations must either embrace them or risk exclusion. India could benefit significantly from stablecoin adoption, with the potential to save billions in remittance fees and strengthen its fintech-led digital ecosystem.