- Bitcoin briefly topped $81,000 due to continued gains, increased trading volume over the weekend, and bullish futures market activity. Traders are expecting further gains.
- The market movement was driven by expectations of Donald Trump‘s victory and strategic Bitcoin reserves as part of his campaign promise.
Bitcoin (BTC) entered the sixth day of its biggest bull market on record, surging past $81,000 on November 10. This provided an overall boost to large caps and mid caps.
According to the data, BTC has increased by 5.6% in the last 24 hours, with a trading volume of almost $100 billion (about 15 trillion yen, equivalent to 150 yen per dollar) over the weekend. A bullish weekend spike is generally seen in the crypto market, which usually sees lower trading volumes as many institutional investors and professional traders refrain from trading on the weekend.
BTC-linked futures premiums have soared, indicating a bias towards bullish bets. The popularity of Deribit’s $80,000 call suggests that dealers may be hedging around key levels.
Dogecoin (DOGE) and Shiba Inu Coin (SHIB) rose up to 30%, leading the rise of major crypto assets. DOGE overtook XRP (XRP) and stablecoin USD Coin (USDC) late Sunday night to become the sixth largest token by market capitalization. DOGE is up 88% in the past 30 days, rising after further support from tech entrepreneur Elon Musk.
Other major stocks took a lull after Wednesday’s rally. Ethereum (ETH), Binance Coin (BNB), and XRP rose more than 4%, while Cardano (ADA) saw profit after rising 35% on the 10th.
CoinDesk20 Index (a liquidity index that tracks tokens with a large market capitalization and covers a wide range of stocks)CD20) was up 4.5% at one point, but at the time of writing, it was up 0.5% in the last 24 hours.
Outside of major coins, dog-themed meme coins led the rally, rising an average of 30%.CoinGecko detailsis displayed. It was followed by Solana-based meme coin and TokenFi’s Launchpad token.
US Bitcoin spot trading funds (ETFs) recorded net inflows of more than $1.3 billion (about 195 billion yen) on the 7th, led by BlackRock IBIT, compared to $1.1 billion in March (about 165 billion yen).
Traders expect Trump to begin his strategic preparations for Bitcoin, which he made a campaign promise in July, after he takes office in January, and reports suggest that traders expect the price to rise BTC in the short term $100,000.
｜ Translation: CoinDesk Japan
｜ Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜ Original text:Bitcoin Approaching $82K in Bullish Start to Week; Dogecoin Flip USDC
Interview between Time.news Editor and Cryptocurrency Expert Dr. Amelia Carter
Time.news Editor: Welcome, Dr. Carter! It’s great to have you here to discuss the recent buzz in the cryptocurrency market, especially with Bitcoin briefly approaching $82,000. What do you think is driving this impressive surge?
Dr. Amelia Carter: Thank you for having me! The surge in Bitcoin’s price can be attributed to a confluence of factors. Firstly, we have seen a significant increase in trading volume, especially over the weekend, which is unusual since institutional investors typically take a break then. The sheer volume nearing $100 billion indicates strong retail interest and bullish sentiment among traders.
Time.news Editor: That’s quite a significant volume! In your opinion, how much influence do political events have on cryptocurrency movements? It’s been suggested that expectations surrounding Donald Trump’s potential victory in the upcoming elections may be tied to Bitcoin’s recent performance.
Dr. Amelia Carter: Absolutely! Political events can significantly impact market sentiment. In this case, the expectation that Trump’s campaign may include Bitcoin as part of a broader economic strategy has created optimism. Political announcements can sway investor confidence, and when traders perceive that the fortunes of a candidate align with their investments, that often leads to increased buying activity.
Time.news Editor: Interesting! And Bitcoin’s current bull run marks its biggest in history. Can you elaborate on how it compares to previous cycles?
Dr. Amelia Carter: Certainly! This bull run is remarkable not just for its price but also for its duration. Bitcoin has persisted under bullish conditions for six consecutive days, a stark contrast to previous cycles characterized by more volatile fluctuations. The optimism generated by the futures market—where premiums have soared—is indicative of a solid belief among traders that Bitcoin still has room to grow.
Time.news Editor: Speaking of futures, what can you tell us about the latest trading patterns? We’ve seen a notable popularity in $80,000 call options.
Dr. Amelia Carter: The spike in $80,000 call options on Deribit reflects traders’ expectations of reaching that price level. It suggests a strategy where dealers hedge their positions against potential market movements, indicating a strong belief in further price escalation. It’s fascinating to see how options trading can provide insights into market sentiments and future expectations.
Time.news Editor: And moving on to other cryptocurrencies, Dogecoin has overtaken USD Coin in market capitalization. What’s driving this particular rally?
Dr. Amelia Carter: Dogecoin’s incredible rise, up 88% in just 30 days, can largely be attributed to renewed support from high-profile figures, notably Elon Musk. His influence is substantial in the crypto community. Additionally, the market’s general bullish sentiment has given meme coins like Dogecoin and Shiba Inu the momentum to thrive, often at the expense of more established cryptocurrencies like XRP.
Time.news Editor: With all these changes, what advice would you give to new investors looking to navigate this rapidly changing landscape?
Dr. Amelia Carter: My advice would be to stay informed and approach with caution. The cryptocurrency market can be very volatile; while bullish trends can yield high returns, they can also reverse quickly. Diversification, understanding market indicators, and keeping an eye on external factors—such as political developments and macroeconomic indicators—are key strategies for any investor.
Time.news Editor: Dr. Carter, thank you for your insights. It’s clear that the crypto market continues to intrigue and surprise us. We look forward to seeing how these trends develop in the coming weeks!
Dr. Amelia Carter: Thank you! I’m excited to see how this bull market unfolds. It’s certainly an exhilarating time for the world of cryptocurrency.