Dogecoin Becomes Sixth Largest Crypto As Bitcoin Reaches New Heights
Bitcoin (BTC) soared past $81,000 late Sunday, extending its record-breaking rally into a sixth day and boosting growth across major and mid-cap cryptocurrencies.
This surge follows a week of major events, including Donald Trump winning the presidential election and the Federal Reserve introducing the latest rate cuts. Bitcoin ETFs also saw a record $1.38 billion in inflows, driven by BlackRock, setting a new benchmark for crypto investments.
Impressive Trading Volume
Bitcoin rose 5.6% in the past 24 hours, with nearly $100 billion in weekend trading volume, a sign of strong market sentiment, despite typically lower weekend activity. Futures premiums also spiked, signaling a bullish outlook for Bitcoin, with traders focusing on the $80,000 level.
Alongside the likes of Cardano (ADA) and Ethereum (ETH), Dogecoin (DOGE) and Shiba Inu (SHIB) also led the charge among altcoins, jumping up to 30%, fueled by renewed support by Elon Musk. DOGE experiencing a whopping 88% gain over the past month pushed it ahead of XRP and USDC to become the sixth-largest crypto by market cap.
$100K On The Horizon
Other major altcoins like ETH and BNB saw smaller gains, while ADA faced profit-taking after a strong run on Sunday. The weekend rally is seen as part of a broader trend following Trump winning the aforementioned election and ongoing favorable conditions for Bitcoin.
Traders are now eyeing $100,000 for Bitcoin in the short term, spurred by expectations that Trump may indeed establish a Bitcoin reserve after taking office in January.
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