The latest wave in the cryptocurrency market reveals a bullish trend, with overall market capitalization surpassing $4.3 trillion.

Bitcoin (BTC) has recently surged to nearly $124,000, while Binance Coin (BNB) achieved a new record high of around $1,190.

Bitcoin’s Ascend

This October, often celebrated as “Uptober” by the crypto community, continues to see Bitcoin’s price rise steadily. The cryptocurrency reached $123,850 just hours ago, nearing its all-time high of $124,130 from mid-August. However, it has since experienced a slight pullback and is currently trading around $122,400.

BTC Price BTC Price, Source: CoinGecko

The cryptocurrency community remains optimistic about potential new record highs, supported by a growing number of long-term holders (LTHs) amidst this rally.

Additionally, Bitcoin’s market cap has briefly peaked at approximately $2.5 trillion, overtaking Amazon and ranking as the seventh largest asset globally. After a minor retracement, it stands at about $2.43 trillion with Bitcoin commanding roughly 55.8% of the market.

Notable Altcoin Performances

Several altcoins have outperformed Bitcoin in the past 24 hours. OKB surged by 20%, Aster increased by 13%, and Immutable rose by 10%.

Binance Coin (BNB) also saw a hike of 7%, hitting a new all-time high close to $1,200. Other major cryptocurrencies such as Avalanche (AVAX), Litecoin (LTC), and Shiba Inu (SHIB) recorded gains between 2% and 3%.

On the contrary, Ripple (XRP), Dogecoin (DOGE), and Tron (TRX) experienced slight declines. Overall, the total cryptocurrency market capitalization has increased by 1.7%, remaining just below $4.3 trillion.

Market Overview Cryptocurrency Market Overview, Source: QuantifyCrypto