"Bitcoin prices have rallied sharply since its last drop below $110,000 last week. Compared to the end of September, Bitcoin's current price is up more than 13%," said David Morrison, senior market analyst at Trade Nation.
Bitcoin price just hit an all-time high (Photo: National Economy Newspaper).
By noon on October 7, Bitcoin price had slightly adjusted down and was trading around $124,600. Bitcoin's growth also pushed the capitalization of the entire cryptocurrency market up sharply to $4,270 billion.
Bitcoin's growth has been fueled by institutional investors, friendlier policies under US President Donald Trump and Bitcoin's growing connection to the global financial system, according to Reuters .
According to data from Glassnode , the total amount of Bitcoin stored on exchanges is only about 2.83 million BTC. This is the lowest number since June 2019.
Notably, at that time, Bitcoin was still trading around $8,000. In just the past two weeks, more than 114,000 BTC (worth $14 billion) have been withdrawn from exchanges.
When Bitcoin is withdrawn from exchanges and transferred to self-custody “cold wallets” or institutional treasuries, it shows that long-term investment sentiment is dominant.
The amount of Bitcoin available for trading (supply) is becoming increasingly scarce, while demand continues to increase. When demand exceeds supply, price increases are inevitable.
Source: https://dantri.com.vn/cong-nghe/gia-bitcoin-lap-dinh-moi-vuot-126000-usd-20251007093621652.htm
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