Bitcoin Nears $82K as Dogecoin Surpasses USDC in Rally

• Bitcoin has surged past the $81,000 threshold, fueled by a sustained rally, significant trading volumes over the weekend, and optimistic futures market activity, with traders anticipating further price increases.

• Dogecoin and Shiba Inu have emerged as top performers among major cryptocurrencies, with dog-themed tokens experiencing a 30% rise in the last 24 hours.

• These market movements follow Donald Trump's recent presidential victory and growing expectations regarding a strategic Bitcoin reserve, as promised during his campaign in July.

Market Highlights

• Bitcoin (BTC) climbed above $81,000 late Sunday, marking the continuation of a record-setting rally into its sixth day, which has positively impacted all major and midcap tokens.

• In the past 24 hours, BTC increased by 5.6%, with trading volumes nearing $100 billion during an unusually active weekend session. Weekend price surges are typically seen as bullish in the crypto market, as institutional investors and professional traders are less active during this time.

• Futures premiums on Bitcoin-linked products are rising sharply, indicating a bullish sentiment among traders. The $80,000 call option on Deribit suggests potential dealer hedging around this critical price level.

Dogecoin's Performance

• Dogecoin (DOGE) and Shiba Inu (SHIB) have led the gains among major cryptocurrencies, with DOGE experiencing a price jump of up to 30%. This surge has allowed DOGE to surpass XRP (XRP) and the stablecoin USDC, making it the sixth-largest cryptocurrency. DOGE's recent rise has been bolstered by renewed support from tech entrepreneur Elon Musk, resulting in an 88% increase over the past month.

• Other major cryptocurrencies took a pause after a rally on Friday. Ether (ETH), BNB Chain’s BNB, and XRP saw gains of less than 4%, while Cardano’s ADA experienced profit-taking after a 35% rise on Sunday.

• The CoinDesk 20 (CD20), which tracks the largest tokens by market capitalization, rose by 4.5% over the last 24 hours.

Broader Market Context

• Dog-themed memecoins have led the gains outside of the major cryptocurrencies, averaging a 30% increase, followed by Solana-based memes and TokenFi launchpad tokens.

• The price movements over the weekend followed a week of significant political developments, including the election of crypto-friendly Republican Donald Trump as U.S. president and a new round of interest rate cuts by the Federal Reserve.

• Bitcoin exchange-traded funds (ETFs) in the U.S. saw over $1.3 billion in net inflows on Thursday, surpassing the previous record of $1.1 billion set in March, primarily driven by BlackRock’s IBIT.

• Traders are eyeing the $100,000 price target for BTC in the near term, fueled by hopes that Trump will implement a strategic Bitcoin reserve following his inauguration in January, as he pledged during his campaign.

Editor’s Note

• Edited by Parikshit Mishra.

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