The price of bitcoin hit a record high of $126,272 in October 2025
Bitcoin, the world’s most popular cryptocurrency, is less popular these days. It has dropped more than 40 per cent since its highest level last fall, Bloomberg News reported Saturday, amid the growing popularity of stablecoins and prediction markets.
The cryptocurrency market has pulled back strongly since the high hit in October 2025, and altcoins were the ones to suffer the most. Total3, which tracks the cryptocurrency market’s value excluding Bitcoin and Ether, has declined nearly 40% from almost $1.19 trillion to around $713 billion.
The price of bitcoin hit a record high of $126,272 in October 2025. In the last month, its price has dropped from $90,000 to a little more than $67,000 as of Sunday.
The report characterizes the struggle as centering around purpose, rather than price, noting that the decline is happening amid strong levels of institutional adoption.
The central story of bitcoin was ‘number go up’ and we don’t have that anymore, Owen Lamont, portfolio manager at Acadian Asset Management, told Bloomberg. We have number go down. That is not a good story.
According to the report, one of the indicators of stablecoins’ ascendency came in November, when CashApp said it would begin supporting the coins. It also points to other developments signalling a shift away from bitcoin: rise of technology such as tokenization and cross-border stablecoin payments, which do not rely on bitcoin to function.
If anything, stablecoin activity could be correlated with activity on Ethereum or on other chains. And stablecoins are for payments, said Carlos Domingo, co-founder/CEO of tokenization platform Securitize. I don’t think anybody today sees bitcoin as a payment mechanism.
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