The bulls maintain their grip on the crypto market as numerous major cryptocurrencies experience further price appreciation.

Bitcoin (BTC) is at the forefront of this surge, achieving a new all-time high, while notable altcoins like ZCash (ZEC) have surged by over 20% in a single day.

New All-Time High

After a turbulent conclusion to September, Bitcoin has enthusiastically entered “Uptober,” climbing more than $11,000 since the start of October. Just recently, it eclipsed the $125,000 mark, reaching a new peak of approximately $125,500 (based on CoinGecko data). It has since receded slightly, holding steady at around $125,000.

BTC Price, Source: CoinGecko

This remarkable rally can be attributed to several positive factors, indicating that the upward trend may continue in the coming weeks and months, potentially leading to even greater profits.

Several elements raise sentiment, including the seasonal optimism typical of “Uptober” and the dwindling supply of BTC available on exchanges. Recently, the number of coins in such venues plummeted to a seven-year low of under 2.5 million, indicating that investors are currently focusing on self-custody methods rather than profit-taking, creating less immediate selling pressure.

Furthermore, BTC’s market capitalization soared past $2.5 trillion, its highest ever. Bitcoin’s dominance among altcoins is around 55%.

ZCash on the Rise

Leading altcoins, including Ethereum (ETH), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE), have mirrored Bitcoin’s movement, registering daily increases between 2% and 3%.

ZCash (ZEC) has achieved a significantly stronger uptick of over 20%. Its weekly gains have been staggering, with a rise of 190%, bringing its price to roughly $160. In contrast, Avalanche (AVAX), Cronos (CRO), Internet Computer (ICP), and Worldcoin (WLD) have reported minor downturns. The total crypto sector’s market valuation has increased by 1.5%, currently standing at over $4.35 trillion.

Cryptocurrency Market Overview, Source: QuantifyCrypto