Leading cryptocurrencies and stocks rose higher on Thursday, as investors shrugged off government shutdown concerns.
Bitcoin extended its October rally, breaking past $121,000 for the first time since mid-August. The apex cryptocurrency was only 3.43% away from its all-time high. JPMorgan analysts lifted their year-end price target for Bitcoin to $165,000.
Ethereum also topped $4,500 late afternoon, before easing to $4,700 as of this writing.
Cryptocurrency liquidations hit $393 million in the last 24 hours, with over $274 million in bearish shorts wiped out. About $435 million in Bitcoin shorts risked liquidation if the apex cryptocurrency moves up to $123,000,
Bitcoin’s open interest rose further by 3.02% in the last 24 hours, suggesting an influx of fresh money into its derivatives market.
"Greed" sentiment prevailed in the cryptocurrency market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization rose to $4.13 trillion, increasing 1.55% in the last 24 hours.
Stocks closed at record highs on Thursday. The Dow Jones Industrial Average rallied 78.62 points, or 0.17%, to finish at 46,519.72. The S&P 500 closed up 0.06% at 6,715.35, while the tech-heavy Nasdaq Composite climbed 0.39% to end at 22,844.05.
The rally comes amid the federal government shutdown, with Treasury Secretary Scott Bessent deeming it a direct threat to economic momentum and American livelihoods.
Bessent also confirmed ongoing trade negotiations with China, expecting a “big breakthrough.” The trade truce between the two countries expires on Nov. 10.
On-chain analytics firm CryptoQuant stated that Bitcoin's dynamics fit within the STH-MVRV pricing range, a metric that measures the average profitability of recent buyers.
The upper limit of this range was at $130,000, representing a level where short-term holders aggressively lock in profits.
"Bitcoin is currently in a state of equilibrium within the established volatility corridor," CryptoQuant added. "If current dynamics persist, a move toward $130,000 appears realistic."
Widely followed cryptocurrency analyst Rekt Capital indicated that Bitcoin's daily close above $120,000 is a bullish signal, with an "identical" move in mid-August preceding a jump to $123,400.
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