BTC gained 44% this quarter, beating gold (+8.7%), the S&P 500 (+2%) and even NVDA (+11%). Yet it's still 48% below its $126,000 all-time high — hard to call that stretched.Altcoins kept pace:
ETH, XRP, SOL and others are up 40–150%. The rally started with classic oversold mechanics, then got a regulatory boost — on September 17 the SEC granted a five-year exemption for venues trading tokenized U.S. stocks via blockchain. Tagus Capital sees ETH as the biggest beneficiary.FxPro calls it a bull market but urges patience. CoinDesk notes bitcoin closed above its 50-week moving average for the first time in 45 weeks — historically, that's where bear markets end.