Crypto markets shine in Uptober as Ethereum sustains record highs and Bitcoin steadies after hitting $126,000.
Crypto markets gain traction as traders eye Fed signals and altcoins ride Uptober momentum.
Photo Credit: Unsplash/Kanchanara
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.
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.
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.
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