After nearly two months of consolidation, Bitcoin (BTC) has seen a significant price surge. Previously dipping below $110K, the cryptocurrency rocketed to just under $126K on Binance on Sunday morning. This increase caps off a summer where it peaked at $124K in August, followed by expected corrections and consolidation.

In September, volatility marked the month with a high of $118K influenced by the US Federal Reserve’s rate cuts, but Bitcoin dropped below $109K shortly thereafter. However, the start of October (or “Uptober” in crypto circles) heralded a recovery, with BTC gaining over $10K within the first week.

Following a stable trading Saturday within the $121K-$122K range, Bitcoin surpassed its previous record to establish a new high at $125.9K. Consequently, the asset’s market capitalization soared to $2.5 trillion, positioning it above Amazon and nearing silver in total value. Meanwhile, the total value of liquidations across the market reached around $350 million, primarily from short positions.