30s Summary

Bitcoin recently surpassed $81,000, driven by a market rally and expectations of the crypto’s continued rise. Dogecoin and Shiba Inu led major cryptocurrencies with gains of 30%. The market momentum is attributed to Donald Trump’s presidential win and his promise of a strategic bitcoin reserve. Bitcoin trading volumes were close to $100 billion over the weekend. Dogecoin’s value has grown by 88% in the past 30 days, becoming the sixth-largest token. Meanwhile, other major cryptocurrencies saw minor gains, while Bitcoin exchange-traded funds (ETFs) in the U.S. recorded net inflows of over $1.3 billion.

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Bitcoin has recently hit a high of over $81,000, thanks to an ongoing rally, busy trading over the weekend, and future market hopefuls who believe the price will keep going up. In the world of major cryptocurrencies, Dogecoin and Shiba Inu came out on top. These dog-themed tokens gained a hefty 30% over the past 24 hours.

The momentum in the market is partly due to Donald Trump’s win in the presidential election and the expectation of a strategic bitcoin reserve, which was promised during his campaign in July. Bitcoin’s value surged past $81,000 late on Sunday, marking the sixth day of a record-breaking rally that’s positively impacted major and mid-range tokens.

Bitcoin gained 5.6% in the past 24 hours, and trading volumes nearly hit $100 billion over the weekend, which was wilder than usual. When the crypto market sees a pump in trading over the weekend, this is typically seen as a positive sign, as trading volumes usually drop off during the end of the week when institutional investors and professional traders are less active.

High premiums can be seen on Bitcoin products, pointing towards a bias for bullish bets. The $80,000 call on Deribit suggests there could be dealer hedging around this important level. Leading the gains among major cryptocurrencies is Dogecoin (DOGE) and Shiba Inu (SHIB), which both saw up to a 30% increase in price. Dogecoin, thanks in part to renewed endorsements by tech tycoon Elon Musk, has risen by 88% over the past 30 days, flipping xrp (XRP) and stablecoin USDC late Sunday to claim the position of sixth-largest token.

Other major cryptocurrencies took a breather following a rally on Friday. Ether (ETH), BNB Chain’s BNB and XRP gained less than 4%, whereas Cardano’s ADA experienced profit-taking after a 35% rise on Sunday. The CoinDesk 20 (CD20), which tracks the top tokens by market capitalization, edged up by 4.5% in the last 24 hours. Dog-themed memecoins, outside of the major currencies, lead gains with an average 30% increase, CoinGecko data shows.

During the weekend, price action followed a week that saw crypto-friendly Republican Donald Trump elected as U.S. president and additional rate cuts by the Federal Reserve. In the U.S., Bitcoin exchange-traded funds (ETFs) witnessed net inflows of over $1.3 billion on Thursday, surpassing a March record of $1.1 billion. Industry heavyweight BlackRock’s IBIT led the charge.

Traders are keeping their eyes on the $100,000 price level for BTC in the short term. The hope is that Trump will establish a strategic bitcoin reserve after he takes office in January, according to a campaign promise he made in July.