Quotes of major cryptocurrency exchanges and bitcoin holders rose by several percent on October 6 - after over the weekend the main cryptocurrency by capitalization updated the record for the first time since mid-August. Wall Street investment banks predict it will continue to boom in the fourth quarter.

Details

Shares of Coinbase, the largest US crypto exchange and the world's largest corporate holder of bitcoin, Strategy, rose more than 2.5% on the New York premarket. Shares of MARA (formerly Marathon Digital), one of the leading U.S. cryptominers, jumped more than 3.6%. Shares of trading platform Robinhood added 1.8%.

Typically, the quotes of cryptocurrency companies rise along with the largest cryptocurrencies, Barron's noted.

What's up with bitcoin

Bitcoin rose above $125,000 for the first time on Sunday, October 5, and set a new record - for the first time since late summer.

According to Cointelegraph, bitcoin's growth was fueled by uncharacteristic weekend activity on derivatives markets. Just three hours after the record, the rate of the largest cryptocurrency collapsed below $123,000, after which it began to slowly recover. Crypto market participants are traditionally skeptical of weekend movements - both up and down - considering them unreliable indicators of price trends due to low liquidity, the publication stresses.

In trading on Monday, bitcoin was up about 1 percent at around $124,200, the CoinGecko service shows.

What the analysts are saying

Wall Street analysts agree that steady inflows into bitcoin-backed exchange-traded funds (ETFs) and correlation with gold could push the cryptocurrency to new highs, according to Cointelegraph. According to its information, bitcoin forecasts for 2025 range from $133,000 at Citi to $200,000 at Standard Chartered. JPMorgan Chase, the largest US investment bank, expects bitcoin at $165,000 this year.

This article was AI-translated and verified by a human editor

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