Bitcoin and Ethereum have surged sharply as investors flock to alternative assets amidst the ongoing U.S. government shutdown and growing doubts about the U.S. dollar’s stability. The political deadlock in Washington has rattled investor confidence, fueling a rally in the cryptocurrency market and driving global crypto market capitalization to $4.2 trillion up 62 basis points in the past 24 hours.
Bitcoin is currently trading around $124,000, while Ethereum has climbed above $4,500. Bitcoin hit a new all-time high of over $125,000 on Saturday, with data from Glassnode showing that BTC exchange balances, the number of coins held by exchanges available for sale have fallen to a six-year low.
The spike in BTCUSD comes as the U.S. government shutdown drives renewed interest in safe-haven, store-of-value, and risk-on assets. Traders have rushed back into cryptocurrencies amid broader market volatility and a weakening dollar.
Ethereum also gained momentum, boosted by a bullish target from a Wall Street bank that places the token’s value more than 20% above its previous record high. ETHUSD hovered near $4,500 for 24 hours before breaking through that resistance, aligning Citi’s optimistic outlook with growing technical momentum.
A key driver behind Bitcoin’s rally has been heavy inflows into U.S.-listed spot Bitcoin ETFs, with weekly net investments totaling about $3.24 billion. Analysts say this surge in demand, coupled with a declining supply on centralized exchanges, has created the perfect storm for higher prices.
Investors and traders also attribute the rise to a weaker U.S. dollar and stronger equity markets, as global uncertainty pushes capital toward alternative stores of value such as cryptocurrency and gold.
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