Bitcoin has surged to unprecedented levels, recently surpassing $126,000 and approaching $130,000, a trend often referred to as the “Uptober” phenomenon that has captured investor attention in October. Optimism has been fueled by expectations of interest rate cuts, driving further momentum in the cryptocurrency market. At the time of writing, Bitcoin (BTC) reached $126,199, setting a new record, while altcoins also show gains: Dogecoin (DOGE) is approaching $0.28, Chainlink (LINK) recovered to $23.4, and Ethereum (ETH) rose above $4,700.
The surge began following PCE data releases, and weak ADP employment figures revealed the slowest job growth in 4.5 years, reinforcing expectations of Federal Reserve rate cuts. Additionally, proposals from Trump to return billions in tariffs to citizens via $1,000–$2,000 checks before the 2026 midterm elections have added liquidity to the market. Returning to pre-pandemic economic conditions, analysts see the potential for a strong final quarter for altcoins. Meanwhile, a Solana (SOL) ETF approval is anticipated on Friday, with SOL already above $235; if approved, analysts project targets at $247, $260, and potentially $296.