Bitcoin Price Today: World's Largest Cryptocurrency Hits Fresh Record High At $125,000

Bitcoin Price Today: The world's largest cryptocurrency on Oct. 5, set another all-time high as a broader risk rally around the US government shutdown buoyed the world’s largest cryptocurrency. The token climbed to as high as $125,689 on Sunday in Asia, topping its previous record set on Aug. 14.

The uptick was supported by the uptick in US equities and renewed inflows into Bitcoin-linked exchange-traded funds. According to Bloomberg, investors have speculated that the shutdown, which kicked in on Wednesday, will drive investors to safe-haven assets.

The bullish sentiment has led to Bitcoin’s historical outperformance this month. Reports say this has led to the token to earn its popular nickname “Uptober.” The token has gained in nine of the past 10 Octobers. The largest digital-asset by market value reached the previous high of $124,514 on Aug. 14, and is now up more than 30% this year. 

Bitcoin has been steadily rising for most of the past year as a result of the friendly legislative climate in Washington ushered in by President Donald Trump. Public companies have boosted the demand by following an increasingly popular corporate tactic of stockpiling the original cryptocurrency.

The playbook has spread to smaller competitors, like Ether, leading to a broad rise across digital assets. US stocks touched record highs on Friday amid another round of big-ticket artificial intelligence deals and partnerships, bucking the prospect of a prolonged shutdown and a gloomy reading on business activity.

Treasuries and the dollar slid. Gold was on track for a seventh weekly gain, fueled by central bank buying amid falling US interest rates and lingering inflation concerns. However, investors are holding the token, with trade volumes at $57.94 billion — down 29$ from the previous day, Coinmarket showed.

Further, according to Coinmarketcap, Bitcoin also rose on inflows from exchange-traded funds, which amounted to $3.24 billion in institutional inflows last week. Further, hopes of a US Federal Reserve rate cut have risen in October, taking Bitcoin prices upward.