Bitcoin has seen a significant surge in price, reaching close to $82,000. This increase has been fueled by a sustained rally, high trading volumes over the weekend, and optimistic activity in the futures market, with traders showing confidence in further price hikes.
Notably, Dogecoin and Shiba Inu have been among the top gainers in the cryptocurrency market, with dog-themed tokens experiencing a 30% increase in value over the past 24 hours. This surge in the market follows the recent election of Donald Trump as U.S. president and the anticipation surrounding the creation of a strategic bitcoin reserve, as promised during his campaign in July.
Bitcoin’s price surpassed $81,000 late on Sunday, marking the sixth consecutive day of a record-setting rally. The overall growth in the cryptocurrency market has been evident across major and midcap tokens, with Bitcoin alone recording a 5.6% increase in the past 24 hours. Trading volumes have also been unusually high, reaching nearly $100 billion during the weekend session.
The surge in Bitcoin’s price has been accompanied by a rise in futures premiums on BTC-tracked products, indicating a positive sentiment among traders. Dogecoin and Shiba Inu have stood out as the top performers, with Dogecoin overtaking XRP and stablecoin USDC to become the sixth-largest token. This surge in value can be attributed to the renewed interest in Dogecoin by tech mogul Elon Musk, leading to an 88% increase in the token’s value over the past month.
While other major cryptocurrencies such as Ether, BNB Chain’s BNB, and XRP have seen modest gains, Cardano’s ADA experienced some profit-taking after a significant 35% increase on Sunday. The CoinDesk 20 (CD20), which tracks the largest tokens by market capitalization, rose by 4.5% in the past 24 hours.
In addition to the price surges, Bitcoin exchange-traded funds (ETFs) in the U.S. have seen a substantial inflow of over $1.3 billion on Thursday, surpassing a previous record set in March. Traders are now setting their sights on the $100,000 price level for Bitcoin in the short term, with hopes that Trump’s presidency will lead to the establishment of a strategic bitcoin reserve, in line with his campaign promise.
Overall, the cryptocurrency market is experiencing a period of significant growth and optimism, driven by various factors including market dynamics, political events, and investor sentiment. As the market continues to evolve, traders and investors are closely monitoring price movements and developments to make informed decisions and capitalize on potential opportunities.