In a remarkable display of momentum, Bitcoin (BTC) surged past $81,000 late Sunday, extending its record-setting rally into a sixth consecutive day. This latest price action has not only bolstered Bitcoin’s standing but has also invigorated the broader cryptocurrency market, with significant gains across major and midcap tokens.
Bitcoin’s price increased by 5.6% over the past 24 hours, with trading volumes nearing $100 billion during an unusually active weekend session. Typically, weekend trading sees reduced volumes as institutional investors and professional traders take a step back, making this surge even more noteworthy. The bullish sentiment is further underscored by soaring futures premiums on Bitcoin-tracked products, indicating a strong bias toward bullish bets among traders. Notably, the popularity of the $80,000 call options on Deribit suggests that market participants are positioning themselves around this critical psychological level.
In a stunning turn of events, Dogecoin (DOGE) has flipped both XRP and the stablecoin USDC, emerging as the sixth-largest cryptocurrency by market capitalization. Over the weekend, Dogecoin experienced a price jump of up to 30%, driven largely by renewed support from technology entrepreneur Elon Musk. Over the past 30 days, Dogecoin has skyrocketed by 88%, showcasing its resilience and appeal in the current market climate.
The broader cryptocurrency landscape is also witnessing significant activity among other altcoins. Tokens like Shiba Inu (SHIB) have joined Dogecoin in leading gains among major cryptocurrencies. The average increase for dog-themed memecoins reached around 30%, while other notable tokens associated with blockchain platforms such as Solana, Polygon, and TokenFi launchpad tokens have also seen impressive gains.
The recent price movements come on the heels of a week marked by significant political developments, including the election of crypto-friendly Republican Donald Trump as U.S. president and a fresh round of interest rate cuts by the Federal Reserve. These events have contributed to heightened optimism within the cryptocurrency sector.
In particular, Bitcoin exchange-traded funds (ETFs) in the U.S. recorded over $1.3 billion in net inflows on Thursday alone, surpassing the previous record set in March of $1.1 billion. This influx is largely attributed to BlackRock’s Bitcoin ETF product, which has garnered substantial investor interest.
Traders are now setting their sights on the ambitious target of $100,000 for Bitcoin in the near term, fueled by hopes that Trump will fulfill his campaign promise to establish a strategic Bitcoin reserve once he takes office in January.
From a technical perspective, Bitcoin’s recent performance reflects strong bullish momentum. The cryptocurrency has broken through key resistance levels and is now poised to challenge its all-time high. Analysts are closely monitoring key support levels and potential price targets as they assess market conditions.
While some major cryptocurrencies such as Ether (ETH) and BNB Chain’s BNB experienced more modest gains of under 4%, Cardano’s ADA saw profit-taking after an impressive 35% increase earlier in the week. The broad-based CoinDesk 20 index—a liquid index tracking the largest tokens by market capitalization—rose by 4.5% within the same timeframe.
As Bitcoin approaches the $82,000 mark amid a wave of bullish sentiment and speculative trading, it is clear that investor interest in cryptocurrencies remains robust. With influential figures like Elon Musk backing Dogecoin and significant inflows into Bitcoin ETFs, the stage is set for continued volatility and potential growth in the coming weeks.
Market participants should remain vigilant as they navigate this dynamic environment, keeping an eye on regulatory developments and economic indicators that could impact future price movements. As always in crypto markets, while optimism reigns supreme today, caution is warranted given the inherent volatility that characterizes this asset class.
Read more:
