Bitcoin briefly reached a new all-time high of $126,200 on Monday, surpassing its previous record of $125,250 set on Sunday. The sharp rise triggered a rally in shares of bitcoin mining companies, as investors bet that the world’s largest cryptocurrency will continue its upward momentum in the coming weeks.
According to data from The Block, demand for call options with strike prices of $140,000 has surged, signaling growing market confidence in further gains before the end of the year.
Mining firms were among the biggest winners. Hive Digital soared by 23%, followed by Bitfarms (+14%), Riot Platforms (+10%), and both Marathon Digital and CleanSpark, each gaining around 7%. These companies are not only benefiting from rising prices but also improving fundamentals – expanding their hash rate and increasing bitcoin reserves. Marathon now holds over 52,000 bitcoins, CleanSpark more than 13,000, and Hive recently posted record monthly production.
Jean-David Péquignot, Chief Commercial Officer at Deribit by Coinbase, described the situation as a “perfect storm” of bullish forces: seasonal optimism, geopolitical tensions, strong demand for bitcoin ETFs, and declining exchange balances. ETFs are tightening supply while reinforcing bitcoin’s role as a hedge against inflation. Péquignot added that technical indicators point to potential targets between $128,000 and $130,000 by mid-October.
The rally extends beyond bitcoin, as the total cryptocurrency market capitalization surpassed $4.29 trillion over the weekend — a new record high. Since the beginning of the year, the crypto market has grown by more than 23%.
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