The ATHs keep coming

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🟠 Two consecutive highs: Bitcoin hits $126K before retracing to $123K.

💎 Ethereum rises: ETH gains 3% overnight despite BTC cooling after the high.

🤖 AI crypto rally: Bittensor (TAO) jumps 8%.

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Bitcoin posted a daily high of $126,080 yesterday, according to CoinGecko, marking two new highs in as many days. before profit-taking pulled the price back to the upper reaches of $123,000. While BTC cooled off, Ethereum (ETH) kept climbing, adding more than 3% to its price overnight.

Among altcoins, Bittensor (TAO) and Starknet (STRK) led the charge with price surges of 8% and over 20%, respectively. For more on AI-linked cryptocurrencies like Bittensor, check out our new AI report exploring how these networks aim to build the internet of AI.

Looking at the macro, the latest breakout could be a delayed market reaction to the Fed’s September rate cut and other macroeconomic factors. “We believe this was due to a delayed response to the FOMC interest rate cut, compounded by very weak employment data, as indicated by Wednesday's ADP Payroll release, and concerns over US government stability following the shutdown,” wrote CoinShares Head of Research James Butterfill in a Monday report.

With markets widely expecting another Fed rate cut later this month, the question now is: does this rally have legs?

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In the markets… 

🌍 Total crypto market cap ↗️

The global crypto market cap is approximately $4.35  trillion, up 0.8% from this time yesterday. 

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🟠 Bitcoin (BTC) ↘️

Price: $123,726 down 0.26% in the last 24 h.
Daily high: $126,080
Daily low: $123,377

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📈 S&P 500  ↗️

SPY is currently up 0.36% since yesterday’s close. 

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📈 Nasdaq 100 ↗️

The Nasdaq 100 is up about 0.71% overnight. 

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🤑 Fear & Greed Index

The Crypto Fear & Greed Index stands at 71/100, in Greed.

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*Data is correct as at 07 October 09h12 GMT. 

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Cautionary Notes

‍‍It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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