Bitcoin’s price surged to a record high shortly after midnight ET on October 5, 2024, wicking up to just above $125,700 per Coinbase bitcoin price data displayed on TradingView. Rising 3% on the day, bitcoin’s price cleared its prior all-time high of ~$124,500 set in August of this year.
At the time of publication, bitcoin’s price is up 10% WoW, 34% YTD, and 102% YoY.
Presaging the all-time high for bitcoin’s price, BlackRock’s IBIT BTC ETF recently broke into the top 20 U.S. ETFs by assets under management, crossing $90 billion for the first time. This conceivably makes IBIT’s rise into the top 20 the fastest for any ETF in history.
Bitcoin’s price pop also comes after the Federal Reserve made a 0.25% interest rate cut last month, the first since December 2024. Market expectations for future cuts are high, with the CME’s FedWatch tool clocking in a 96% chance of a subsequent 0.25% cut in October and 86% chance for yet another in December.
Analysts at JPMorgan recently raised their end-of-year bitcoin price target to $165,000, arguing that bitcoin will continue to catch up to gold’s price run this year as investors play the dollar “debasement trade.”
