Bitcoin Hits $125,000 All-Time High as Crypto Market Cap Surges

On Sunday morning, Bitcoin, the largest cryptocurrency globally by market capitalization, soared to a remarkable new all-time high, surpassing $125,000. This impressive price point marks a staggering 97 percent increase from approximately $62,000, a figure recorded in October 2024.

This recent surge follows a strong performance earlier in the year when Bitcoin had reached a peak of $124,500 on August 14.

The upward momentum can be attributed to a combination of favourable legislative developments and an invigorating rally within the United States equities market.

Such factors have undoubtedly contributed to the renewed investor enthusiasm surrounding this digital currency, driving its value to unprecedented levels.

The gains were attributed to the S&P 500 and the tech-heavy Nasdaq closing at record highs.

According to data from coinmarketcap.com, the cryptocurrency price stood at $124,913 as at 8:55 am on Sunday.

Similarly, Ethereum, the second-largest cryptocurrency by market cap, also rose by 2.4 percent to $4,609.

CoinMarketCap also said the global cryptocurrency market cap rose by 1.9 percent to $4.35 trillion, and recorded over $150 billion as at 09:15 am.

Since the beginning of the year, bitcoin’s value has soared, supported by regulatory reforms under the US President Donald Trump, a vocal supporter of the digital asset sector.

On October 3, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said the bank is collaborating with the Securities and Exchange Commission (SEC) to develop a sustainable framework for digital currencies in the country.

Cardoso said cryptocurrencies, fintech, and blockchain innovation will play a role in shaping the future of currency policy — but the extent remains to be seen.

He recalled how Nigeria was thrust into global crypto prominence two years ago when regulators struggled to manage coin exchange markets, with the country ranking among the largest crypto trading hubs worldwide.