by Coinstrooper Crypto Articles
Quick Take
  • The crypto market is down today, with the cryptocurrency market capitalization falling by 0.9%, now standing at $4.33 trillion.
  • Fewer than 10 of the top 100 coins have appreciated over the past 24 hours.
  • At the same time, the total crypto trading volume is at $193 billion.
  • At the time of writing, 9 of the top 10 coins per market capitalization have decreased over the past 24 hours.

What Happened

John Glover, Chief Investment Officer of Ledn, argued that, once BTC sets the new high above $125,000, we can expect $145,000 “sometime around the end of year/early next year.”

Market Context

The crypto market is down today, with the cryptocurrency market capitalization falling by 0.9%, now standing at $4.33 trillion. Fewer than 10 of the top 100 coins have appreciated over the past 24 hours. At the same time, the total crypto trading volume is at $193 billion.

At the time of writing, 9 of the top 10 coins per market capitalization have decreased over the past 24 hours.

Bitcoin (BTC) dropped 1.1%, currently trading at $123,375.

Dogecoin (DOGE) recorded the highest drop of 3.4% to the price of $0.255.

That said, Glover expects to see the emergence of a bear market next year, “which will take us lower. The depth of this sell off is TBD.”

According to Kyle Chassé, Founder of MV Global, BTC’s ATH is “driven from the top down. Spot ETF flows are vacuuming up supply every day-that’s the clearest sign Wall Street is here. ‘Uptober’ helps, and the market is shrugging off the [US] shutdown headlines and political noise because bitcoin is the neutral, non‑sovereign asset people use as insurance against policy risk and fiat debasement.”

“Volatility will pop up, but the base case for this bull cycle is solid,” Chassé concludes.

Should Bitcoin maintain the price above $121,000, it could move to break $128,000. After this, the $130,000 level would come into sight. That said, the coin may move below $120,000 again.

Ethereum is currently trading at $4,535. Its intraday high was $4,593, after which the coin plunged to the low of $4,481. However, it quickly recuperated to the current level.

Why It Matters

Crypto Winners & Losers

Ethereum (ETH) is down by 1.2%, now changing hands at $4,535.

Details

It’s followed by XRP (XRP)’s 2.9%, now standing at $2.97.

The only green coin in this category is Binance Coin (BNB), having appreciated 2% to $1,200.

Looking at the top 100 coins, we find that eight are up, the highest of which is Provenance Blockchain (HASH), with 13.4% to $0.03745. It’s the only one with a double-digit rise.

Of the red coins, the highest drops are Pump-fun (PUMP) and Ethena (ENA), which dropped by 9.4% and 8.5% to $0.006455 and $0.5751.

Meanwhile, the “debasement trade” has gained traction amid growing national debts and political instability. This has prompted a retreat from fiat assets and into other assets, including crypto. Bitcoin’s surge past $125,000 and gold’s new highs highlight mounting demand for hard assets.

Bitcoin Readies for $145,000

Chassé agreed that $145,000 by year‑end is “very doable,” particularly if ETF inflows continue “anywhere near current run‑rates.”

Moreover, David Siemer, CEO and Co-Founder of Wave Digital Assets, commented that BTC’s ATH is a reflection of “factors driving demand higher.” Catalysts include ETF inflows and the US Federal Reserve’s rate cuts.

“Add to macro uncertainty surrounding the U.S. government shutdown, and you’ve got an environment where even modest demand creates outsized moves,” says Siemer.

Levels & Events to Watch Next

At the time of writing on Monday morning, BTC trades at $123,375. It hit its latest all-time high of $125,506 on 5 October, falling 1.5% since. Its lowest point today was $122,538.

Overall, BTC is up 10.5% in a week and 11.6% in a month.