The Bitcoin price has hit a new all-time high, after staging a monstrous rally since the start of October, climbing above its previous ATH of $124,400. This comes as market participants look forward to several bullish market catalysts that could happen in this fourth quarter.
TradingView data shows that the flagship crypto has hit a new ATH of $125,500, rising from an intra-day low of around $121,500. This has come amid the ‘uptober’ excitement, with BTC already up over 6% to start this month, which is its best second-best performing month based on historical data.
This Bitcoin price rally comes just less than two months following its run to its previous ATH of $124,400 in August, which came as market participants priced in the first rate cut of the year, which happened at the September FOMC meeting. Now, just as during that period, the market appears to be pricing in another Fed rate cut at the upcoming FOMC meeting this month.
As CoinGape reported, there is currently around a 97% chance that the Fed will make a 25 basis points (bps) rate cut at the upcoming meeting. This looks more than likely due to the softening labor market.
Meanwhile, CoinGape also reported that the Bitcoin ETFs have seen renewed interest, recording their largest weekly inflows of the year last week, with $3.24 billion flowing into these funds. As such, this demand from institutional investors has also contributed to the Bitcoin price rally to a new ATH.
With its rally above $125,000, BTC now boasts a market capitalization of $2.5 trillion and is the seventh-largest asset, just behind silver. The flagship crypto is well ahead of ‘Mag 7’ stocks, Meta and Amazon, which currently boast a market cap of $1.78 trillion and $2.3 trillion, respectively.
$148 million in BTC positions have been liquidated in the last 24 hours amid the Bitcoin price rally to a new all-time high, according to CoinGlass data. $132 million was short positions, while $16 million were long positions.
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