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Bitcoin Loses Steam as Price Rises to New High Alongside Ethereum

Bitcoin Loses Steam as Price Rises to New High Alongside Ethereum

Crypto markets shine in Uptober as Ethereum sustains record highs and Bitcoin steadies after hitting $126,000.

Written by Rahul Dhingra, Edited by David Delima | Updated: 7 October 2025 13:35 IST

Bitcoin Loses Steam as Price Rises to New High Alongside Ethereum

Photo Credit: Unsplash/Kanchanara

Crypto markets gain traction as traders eye Fed signals and altcoins ride Uptober momentum.

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Highlights

Altcoins like BNB and Solana trade strongly alongside Bitcoin, Ethereum
On-chain data shows steady BTC accumulation as reserves decline
Digital asset funds saw $5.95 billion in inflows last week amid global un

The global crypto market kicked off Tuesday on a historic note as both Bitcoin and Ethereum recorded fresh all-time peaks. Bitcoin briefly surged to $126,198 (roughly Rs. 1.11 crore) before retreating to $124,000 (roughly Rs. 1.10 crore), while Ethereum crossed the $4,720 (roughly Rs. 4.1 lakh) mark, without a notable price drop. The rally, driven by record institutional inflows and macroeconomic tailwinds, highlights the resilience of top cryptocurrencies in what investors have termed “Uptober”. As per the Gadgets 360 price tracker, Bitcoin is trading at Rs. 1.11 crore on Indian exchanges, while Ethereum stands close to Rs. 4.17 lakh.

Altcoins Rally as Institutional Inflows, Dollar Weakness Drive Momentum

While Bitcoin cooled slightly from its new record, altcoins continued to show strength on Tuesday. Binance Coin (BNB) was trading at $1,252 (roughly Rs. 1.11 lakh), Solana (SOL) hovered near $234 (roughly Rs. 20,700), XRP stood at $2.99 (roughly Rs. 265), and Dogecoin (DOGE) was steady at $0.26 (roughly Rs. 23).

Edul Patel, CEO and Co-Founder of Mudrex, said Bitcoin's rally is being shaped by both institutional inflows and macroeconomic signals. “Institutional inflows continue at record levels, macro cues take center stage as markets anticipate supportive signals from the Fed. A dovish tone in the September FOMC minutes and softer US jobless claims could extend Bitcoin's rally towards $129,000 (roughly Rs. 1.14 crore),” he told Gadgets 360.

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The CoinSwitch Markets Desk noted that Bitcoin was supported by institutional demand and a weaker US dollar. “ The ongoing US government shutdown reinforced the broader ‘debasement trade', driving parallel demand for both crypto and gold. On-chain data points to sustained accumulation, with exchange reserves continuing to decline [...] A decisive breakout could set the stage for a move toward $130,000 (roughly Rs. 1.15 crore) and beyond, whereas failure to clear resistance may prompt a near-term correction,” the desk said.

The CoinDCX Research Team highlighted the ongoing strength in altcoins alongside Bitcoin's surge. “The top gainers for the day include MYX Finance with a jump of over 31.5 percent, followed by Starknet by over 19.7 percent and PancakeSwap by over 12 percent [...] Digital asset funds saw $5.95 billion (roughly Rs. 52,788 crore) in inflows last week, while US national debt continues to climb, a factor many believe could further fuel Bitcoin's rally.”

Avinash Shekhar, Co-Founder and CEO of Pi42, added that XRP's resilience is tied closely to Bitcoin's consolidation. “XRP's recent momentum reflects the broader optimism returning to the crypto market, led by Bitcoin's resilience above key support levels. Bitcoin's ability to hold steady near its recent highs is providing confidence across altcoins, and XRP is one of the key beneficiaries.”

As traders look ahead to upcoming US Fed signals, Ethereum's resilience above $4,700 (roughly Rs. 4.17 lakh) and Bitcoin's ability to reclaim higher levels will be crucial in determining whether the “Uptober” rally extends further.

Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Crypto in India, Bitcoin, Ethereum

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More