Just a week after a sharp downturn, Bitcoin is once again in near-record territory. On Friday, it traded just below $123,000 after briefly touching $123,900 earlier in the day – only a few hundred dollars shy of its all-time high. With a 12% gain over the past seven days, the leading cryptocurrency has fully reversed last week’s losses and now sits on the edge of new price records.
The turnaround has been swift, fueled in part by renewed institutional activity and improving investor sentiment. Platforms like Polymarket now show a strong majority expecting Bitcoin to break its previous record before the end of October.
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Ethereum, Solana, and Altcoins Recover, BNB Sets New ATH
thereum has also rebounded, climbing back above the $4,500 level after a 12% weekly gain. Although trading volume remains slightly below its late-August highs, ETH’s price recovery suggests broad market participation, particularly from retail and DeFi-focused buyers.
Solana surged 15% this week, now trading above $230. It hasn’t fully regained its recent peaks but is closing in fast. Meanwhile, XRP is back above the $3 mark after a 10% weekly rise. BNB outpaced all major assets, gaining nearly 19% over the week and setting a new all-time high of $1,167 on Friday.
Across the board, the crypto market cap rose to $4.2 trillion – up from just under $3.8 trillion on Sunday. Smaller tokens also posted double-digit weekly gains, supported by renewed momentum in both retail flows and institutional interest.
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Sentiment Turns Around Quickly
After dipping into fear territory last week, the market’s mood has shifted. The Crypto Fear and Greed Index jumped to 63 (Greed), a sharp improvement from its previous levels. CoinMarketCap’s version of the index showed a similar move, now reading 57 after several days in the fear zone.
The shift in sentiment appears to track both price movement and renewed confidence in macro conditions. Despite a government shutdown in the United States earlier this week and softer-than-expected employment data, investors appear to be pricing in a higher probability of rate cuts in October, which has historically boosted crypto assets.
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Momentum Builds Going Into October
October has historically been a strong month for crypto, and early signs this year seem to support that trend. With Bitcoin just short of its all-time high and several major assets either reaching or nearing theirs, the current rally has regained the momentum lost during last week’s selloff.
As long as sentiment holds and key support levels remain intact, traders are watching for potential breakouts that could define the rest of the quarter. The pace of this week’s recovery – and the depth of participation behind it – has positioned crypto markets for another round of record-setting moves.
