Bitcoin Nears New Record Prices as Q4 Rally Gains Momentum

Crypto tokens have been pumping during the first few days of October. BTC was within half a percentage point of new all-time highs on Friday morning after climbing to highs above $123k and rallying 14% on the week.

What's the Scoop?

• Near-Record Levels: BTC traded below $110,000 last weekend but has since rallied sharply, compounding its weekly wins with 3% gain in the last 24 hours.
• Alt Softness: Prominent altcoins like ETH and SOL lead the rally at the start the week, but have since taken a back seat. The ETH/BTC ratio is now flat on the week after falling by 3% during Friday trading.
• Mixed Macro: Despite the shocks of a United States federal government shutdown on October 1 and weaker than expected employment data, risk assets continue to rally, potentially bolstered by near certainty for October rate cuts.
• ATH Odds: Prediction market platform Polymarket has bettors assigning a 77% chance to BTC trading new all-time highs above $126k by the end of October.