Bitcoin (BTC) soared past $81,000 on Sunday night, marking a record-breaking rally that extended into its sixth day, fueling growth across both major and midcap cryptocurrencies. BTC’s momentum reflects a 5.6% surge in the last 24 hours, driven by robust trading activity amounting to nearly $100 billion during an exceptionally active weekend session. In the world of crypto, a weekend rally often signals strong bullish sentiment, as trading volumes usually dip when institutional investors and professional traders are less active.
Futures data supports this optimism, with premiums on BTC-tracked products climbing. A notable rise in $80,000 call options on Deribit suggests a significant level of bullish positioning, potentially indicating dealer hedging around this critical level. The market’s enthusiasm for BTC at this price point underscores widespread speculation about BTC’s next big move: a possible run towards the $100,000 milestone.
In the broader crypto landscape, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) led gains, with DOGE experiencing a notable price increase of 30%. This rally has been fueled by recent endorsements from Elon Musk, who has a history of influencing Dogecoin’s market performance. DOGE’s price surge enabled it to surpass XRP and the stablecoin USDC, making it the sixth-largest token by market cap. Over the past 30 days, DOGE has seen an impressive 88% gain, capturing market attention once again as a top performer among major cryptocurrencies.
Meanwhile, other major tokens, including Ethereum (ETH), Binance’s BNB, and XRP, saw modest gains of less than 4%, cooling off after Friday’s rally. Cardano (ADA) experienced some profit-taking following its substantial 35% surge on Sunday. The CoinDesk 20 (CD20) index, which tracks the largest tokens by market capitalization, posted a 4.5% increase over the past 24 hours, highlighting the strength of the broader market.
Outside the main players, dog-themed meme coins continued to thrive, with an average gain of 30%, as shown by CoinGecko data. These gains were further supported by Solana-based meme tokens and new projects launched on TokenFi’s platform. This reflects a strong appetite for high-risk, high-reward assets among retail investors, as the crypto market enters a period of heightened activity.
The weekend’s price action follows a week marked by significant political and economic developments in the U.S. The election of Donald Trump as the next president, alongside recent Federal Reserve rate cuts, has been a boon for crypto, renewing optimism for a favorable regulatory environment. Moreover, Bitcoin exchange-traded funds (ETFs) in the U.S. saw a record-breaking inflow of over $1.3 billion on Thursday, led by BlackRock’s IBIT, surpassing the previous record of $1.1 billion in March.
Looking ahead, market watchers are eyeing the potential for BTC to reach $100,000 in the near term, spurred by speculation that the Trump administration could consider establishing a strategic Bitcoin reserve, a campaign promise made earlier this year. The prospect of such a policy shift has bolstered confidence in Bitcoin’s long-term growth potential, with investors betting on BTC as a robust store of value amid shifting economic landscapes.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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