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The price of the world's largest cryptocurrency, Bitcoin, rose to an eight-month record high since January 2026, crossing the $85,000 mark today, on 21 September, amid improved risk sentiment in the broader markets, Bloomberg reported. Bitcoin rose 5.1% to reach $85,222 in early New York morning trading, it added. At the time of writing, data on CoinMarketCap showed the crypto at $84,703.73, with market capitalisation at $1.7 trillion, up 5.33% over the past 24 hours. “The crypto market capitalisation has risen to $2.8T, its highest level since the end of January this year,” said Alex Kuptsikevich, the FxPro chief market analyst. “Although Friday’s rally was followed by increased selling pressure, buyers have once again been dominating the cryptocurrency market since Sunday.” Bitcoin was not the only gainer. Ethereum, the second-largest token, jumped by more than 4.3% to $2,747, according to a Bloomberg report. At the time of writing, Ether was trading at $2,725.66, with a market cap of $332.79 billion, up 5.94%, according to data on CoinMarketCap. Among the top five crypto tokens, Tether was trading at $0.9997, up 0.01% over the past 24 hours, and Binance Coin was at $793.03, up 5.53% over the previous day, according to CoinMarketCap. Other cryptocurrencies, including XRP ($1.48, up 8.12%), Solana ($116.86, up 7.88%) and Monero ($576.10, up 9.99%), also rose, Bloomberg said. According to the report, this is part of a week-long rally in the broader markets, with bonds and stocks also rising amid falling oil prices and optimism ahead of the summit between United States President Donald Trump and China's Xi Jinping. The report also listed several reasons: the US Senate's failure to pass the Clarity Act, the US Federal Reserve's first interest rate hike in over three years, and the US Securities and Exchange Commission (SEC) allowing digital versions of securities to begin trading in the country. Chris Beauchamp, chief market analyst at investing and trading platform IG, told the publication that the financial markets “have rediscovered a risk-on frame of mind after being consumed with worry about government bond yields, debt piles and the prospect of a return to tighter policy at the world’s most powerful central bank”. Data from the options trading platform Deribit showed that Bitcoin open interest was heavily dominated by calls, signalling bullish sentiment. The platform showed more than 2,72,000 contracts for the right to buy the token compared with over 1,54,000 for puts, or the right to sell. The report citing traders says that they are not convinced the gains this week will extend over the longer term. This is largely due to difficult macroeconomic headwinds, with crude oil still above $100 per barrel and US Treasury yields elevated. It added that Bitcoin is well off its 2026 high of over $97,000 in mid-January, and even further from its October record, and enthusiasm from retail investors has also proven “hard to rekindle” as artificial intelligence stocks and other AI-linked trades compete for the same pool of speculative capital. “For this week, there aren’t any big catalysts to watch out for per se, but any hawkish or dovish remarks by Fed officials could impact the market,” said Jeff Mei, chief operating officer of BTSE. According to Riya Sehgal, Research Analyst at Delta Exchange, the key is whether Bitcoin can sustain the breakout. “The $82,000–$83,000 region now becomes an important support zone. Momentum remains strong, but with daily RSI approaching overbought territory, some consolidation or profit-taking would be normal after such a rapid advance. The next leg will likely depend on whether ETF inflows remain positive, macro conditions continue to ease and Bitcoin can hold above its former resistance zone,” she noted. (With inputs from Bloomberg) Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies,...More Jocelyn Fernandes is a journalist and editor with nearly 13 years of experience covering the business, corporate, economy and markets beats in news.<br> As chief content producer for around three years at Livemint (Hindustan Times), Jocelyn publishes breaking stories, explainers, features and live blogs on a range of business and economy topics, including the Budget, corporate developments, stock markets, income tax, money and personal finance, cryptocurrency, government policy, impact of US tariffs, international developments and more.<br> Jocelyn's writing philosophy is focused on delivering news in an accurate and accessible format for readers. She thus focuses her news coverage on explainers and FAQs in order to breakdown business, corporate, economic, and policy topics that are of importance to everyday readers.<br> She holds a Bachelors in Mass Media (BMM) and Post Graduate Diploma (PGD) in Journalism and Communication and has previously written for online business and markets news site Moneycontrol (Network18), Business-to-business (B2B) trade publications — the industry magazines Power Today and Solar Today (ASAPP Media), and the national news agency United News of India (UNI).<br> Outside of work, Jocelyn keeps up-to-date with local and international news, enjoys reading fiction books, novels and short stories, and enjoys movies, travelling and art. <br> She can be found on X and LinkedIn, and reached by email: <a href="jocelyn.fernandes@htdigital.in">jocelyn.fernandes@htdigital.in</a> <br> X/ Twitter handle: <a href="https://x.com/scribeJocelyn">@scribeJocelyn</a> <br> LinkedIn: <a href="https://in.linkedin.com/in/jocelyn-fernandes-journalist">LinkedIn</a> Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. 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