Cryptocurrency prices and crypto stocks rallied Monday as bitcoin notched a record high above $126,000. The price of bitcoin rallied into October amid the U.S. government shutdown. Blockchain-based lender Figure climbed as its first wave of analyst coverage kicked in on the September IPO stock.
Bitcoin on Monday set a fresh record high of $126,198, according to CoinMarketCap data, after on Sunday clearing $125,000 to surpass its mid-August peak near $124,500. The world's top crypto has surged more than 10% over the past week, and pushed its 2025 gain to 34%.
Joel Kruger, analyst at LMAX Group last month noted that bitcoin could get a seasonality boost in October, as it historically has been one of bitcoin's best performing months. Bitcoin has averaged a 22% gain in October since 2013. Meanwhile, November has seen even greater returns, averaging 46% growth during the month over the same period.
Ethereum traded above $4,700 on Monday, marking a 12.8% advance on the week. The No. 2 crypto is up almost 42% so far this year.
Coinbase swung 1.6% higher Monday. Shares of the crypto exchange are working up the right side of a cup base with a 444.64 buy point. Peter Thiel-backed Bullish advanced 6.2%.
Stablecoin issuer Circle Internet Group climbed 1.9%, pushing further above its 50-day line. Strategy swung 2.3% higher, rebounding above its 50-day and 200-day moving averages.
Hive Digital led the gains for bitcoin miners with a 25% rally, followed by Bitfarms with a 15% advance. Iren popped more than 14%. Riot PlatformsRIOT surged 11%. Cipher Mining pared its gain to 4.4%.
Figure Commentary
Meanwhile, multiple analysts initiated coverage of blockchain-based lending company Figure Technology Solutions, which launched its IPO in mid-September. Figure offers traditional capital market solutions on the blockchain, including home equity lines of credit, lending pools and yield-bearing stablecoins.
Of the seven firms covering figure stock, six have buy or overweight ratings and three have hold ratings, according to TheFly.com.
Needham called Figure a leader at the forefront of the digital lending blockchain, and noted that its technology can be scaled and applied to other consumer credit products besides HELOCs, The Fly reported. The firm expects Figure to continue expanding its product suite across stablecoins, crypto exchanges and democratized prime. Needham has a buy rating and a 51 price target on Figure stock.
Keefe Bruyette said that Figure is positioned to be a "relative winner in the emerging public blockchain category," through its tokenization of real-world assets. The company's blockchain capital markets platform is already seeing "Meaningful traction," the firm wrote, noting that Figure has a 39% share of all tokenized real-world assets.
Keefe Bruyette has an outperform rating and a 48.50 price target on FIGR stock.
Bernstein has an outperform rating on Figure with a 54 price target. The firm noted that Figure is a market leader in credit tokenization, with a 75% share of the tokenized private credit market.
Figure stock jumped 8.2% Monday. Shares debuted on the Nasdaq on Sept. 11 with a 25 IPO price. FIGR peaked at 46.20 on Sept. 18 before easing.
Figure has rebounded almost 20% in October.
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