Bitcoin Price Hits $126K Record as Crypto Market Rally Continues - ETH, DOGE, BNB Surge

October is proving to be a historically bullish month for cryptocurrencies as Bitcoin (BTC) approaches new all-time highs while altcoins follow suit. After briefly exceeding $125,000 on Sunday, BTC continued its upward trajectory on Monday, reaching a fresh record of $126,223 during U.S. trading hours. BTC is currently trading around $125,200, marking a 1.5% increase over the past 24 hours. Bitcoin's strength has translated across the broader crypto market. Ethereum's ETH advanced 4% to reach $4,700, its highest price in over three weeks, leading gains in the CoinDesk 20 Index. Memecoin Dogecoin (DOGE) and Binance's BNB token both gained approximately 6%. According to Deribit CCO Jean-David Péquignot, Bitcoin's rally is being driven by a "perfect storm of macroeconomic tailwinds." Factors include the U.S. government shutdown pushing investors toward hard assets, strong BTC ETF inflows, and declining exchange reserves creating a self-reinforcing bull cycle. Technical analysis suggests short-term targets of $128,000-$130,000 with potential upside to $138,000, though overbought conditions could trigger a correction to $118,000-$120,000. Crypto-related stocks showed mixed performance, with Galaxy Digital shares rising 7% after announcing its GalaxyOne trading platform, while Robinhood fell 3%. Mining stocks including Marathon Digital, Riot Platforms and Cleanspark each gained around 10% amid optimism about data center demand and Bitcoin's price surge.