OKX Observes Bitcoin’s Historic Surge to $124K as Crypto Market Momentum Builds

Bitcoin has achieved a groundbreaking milestone, soaring to a record $124,128 with a 3.58% surge, solidifying its status as a premier global macro asset. With a market capitalization of $2.457 trillion, Bitcoin now ranks as the fifth-largest asset worldwide, even surpassing tech giant Alphabet. This remarkable rally has sparked discussions about potential capital rotation into altcoins, as investors seek the next high-growth opportunities. Notably, MicroStrategy has publicly celebrated its staggering $77.2 billion Bitcoin position, underscoring institutional confidence in the asset. Ethereum, too, is gaining momentum, climbing 3.44% to approach $4,700. As the crypto market continues its upward trajectory, platforms like OKX are poised to play a pivotal role in facilitating this next wave of digital asset adoption and trading activity.

Bitcoin Hits Record $124K as Crypto Market Surges; Traders Eye Next Rally Candidates

Bitcoin shattered its all-time high with a 3.58% surge to $124,128, cementing its position as a global macro asset with a $2.457 trillion market cap—now surpassing Alphabet to rank as the fifth-largest asset worldwide. The rally has ignited speculation about capital rotation into altcoins, with MicroStrategy publicly celebrating its $77.2 billion BTC position.

Ethereum gained 3.44% to approach $4,700 amid ETF optimism, while ADA posted 18% gains. Layer-2 tokens dominated sector performance, with ARB and ZK both climbing over 16%. Meme coins joined the advance, led by TRUMP's 7% rise and Fartcoin's 10% leap. Exchange token OKB stole the spotlight with a 132.71% explosion following OKX's token burn announcement.

Regulatory tailwinds emerged as Google Play relaxed rules for non-custodial crypto wallets. The market's breadth suggests growing institutional confidence, with Bitcoin now challenging the valuations of Apple, Microsoft, and Saudi Aramco.

OKB Token Faces Potential Reversal After 200% Surge as Whale Sell-Offs Emerge

OKB, the native token of crypto exchange OKX, skyrocketed nearly 200% to a record high of $125.88 before retreating to $104.4 amid shifting market sentiment. The rally pushed its market capitalization to $7.4 billion, but signs of exhaustion are mounting.

Santiment data reveals a sharp decline in weighted sentiment, with traders increasingly positioning for a pullback. Negative funding rates in futures markets suggest growing short interest, while whale addresses holding 10,000 to 100 million tokens have significantly reduced their positions.

Technical analysis identifies $81.96 as a critical Fibonacci support level. The token's parabolic ascent now faces headwinds from profit-taking and bearish derivatives activity, creating potential downside risk from current levels.