Leading cryptocurrencies rose further on Monday as investors continued to rotate capital into risky assets.

Bitcoin extended its rally, hitting a new all-time highs past $126,000. Ethereum also reclaimed $4,700 late in the afternoon, but fell back to roughly $4,670 overnight.

XRP and Solana recorded modest gains. Altcoin Season was yet to start, according to the readings on the CMC Altcoin Season Index. 

Morgan Stanley’s latest wealth report advised clients to allocate only a small portion of their portfolios to cryptocurrency, up to 2% for conservative investors and up to 4% for those seeking higher growth.

Cryptocurrency liquidations, meanwhile, reached $328 million in the last 24 hours, with short liquidations accounting for the majority, according to Coinglass.

Bitcoin’s open interest rose further by 1.51% to $93.89 billion, while the majority Binance futures traders were positioned bearish, according to the Long/Short ratio.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization rose to $4.28 trillion, reflecting an increase of 1.76% in the last 24 hours.

Stocks continued their record-breaking run on Monday. The S&P 500 rose 0.36% to end at 6,740.28, while the tech-heavy Nasdaq Composite closed up 0.71% at 22,941.67. Both indexes notched new closing highs.

The rally was supported by Advanced Micro Devices (NASDAQ:AMD) surging over 23% following a landmark agreement with OpenAI to deploy up to 6 gigawatts of AMD Instinct GPU power for the tech giant’s AI infrastructure.

The Dow Jones Industrial Average was the outlier, falling 63.31 points, or 0.14%, to close at 46,694.97. 

On-chain analytics firm CryptoQuant highlighted a sharp increase in U.S. M2 money supply over the past three years, with Bitcoin showing an “exceptionally high correlation” and rising 130%.

“If global liquidity continues to expand and the structural outflow from exchanges persists, Ethereum could realign with M2 growth and enter a new revaluation phase. In that scenario, $10,000 is far from unrealistic,” CryptoQuant projected.

Widely followed cryptocurrency analyst and trader Ted Pillows said Ethereum and Bitcoin will pump like gold in the fourth quarter, referring to the yellow metal’s uninterrupted 5-week rally.

“But as long as Gold is rallying like this, I’m a bit cautious on risk-on assets,” Pillows added.

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