The crypto bull run shows no signs of slowing, with the total market capitalization soaring to a new all-time high of over $4.3 trillion.

Bitcoin (BTC ($87,086.00)) briefly exploded to almost $124,000, whereas Binance Coin (BNB ($838.74)) tapped a new historic peak at approximately $1,190.

BTC Pushes Higher

October (often referred to as “Uptober” within the crypto community) has so far proven its legacy as a highly successful period for the primary digital asset. The price has been gradually increasing since the first day of the month, and it reached $123,850 several hours ago.

This means that BTC was just inches away from reaching its all-time high of $124,130, which was witnessed in mid-August. In the following hours, the asset lost some steam, and as of this writing, it trades at roughly $122,400.

BTC Price, Source: CoinGecko

The cryptocurrency community is highly optimistic that the asset may set a new record in the short term, while certain indicators reinforce these expectations. As CryptoPotato reported, the latest rally is supported by the rising share of long-term holders (LTHs), signaling growing confidence among that group of investors.

Meanwhile, the market capitalization of BTC has temporarily spiked to almost $2.5 trillion, thus surpassing Amazon and becoming the seventh-biggest asset in the world. The figure later slightly retraced to $2.43 trillion, whereas Bitcoin’s dominance over the altcoins stands at around 55.8%.

These Alts are Also on Fire

Numerous altcoins have charted even more impressive gains than BTC over the past 24 hours. OKB ($105.79) (OKB) exploded by 20%, Aster (ASTER ($0.68)) soared by 13%, while Immutable (IMX) jumped by 10%.

Binance Coin (BNB) spiked by 7% to hit a new all-time high of almost $1,200, whereas other well-known cryptocurrencies, including Avalanche (AVAX ($11.69)), Litecoin (LTC ($75.60)), and Shiba Inu (SHIB ($0.00)), have registered more modest increases of around 2-3%.

Ripple (XRP ($1.83)), Dogecoin (DOGE ($0.13)), and Tron (TRX ($0.28)) are in the opposite corner, experiencing minor declines. The total market capitalization of the sector has spiked by 1.7% and stands at just under $4.3 trillion.

Cryptocurrency Market Overview, Source: QuantifyCrypto

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