Bitcoin Nears $82K in Bullish Start to Week; Dogecoin Flips USDC

As a seasoned analyst with over two decades of experience in financial markets, I must say that this recent cryptocurrency surge is reminiscent of the tech bubble in 1999 and the real estate boom in 2006. Yet, there’s an undeniable charm about this bull run that makes it stand out from the rest.

On late Sunday, Bitcoin soared past $81,000, marking another milestone in a six-day-long unprecedented surge that has seen growth across all significant and mid-tier cryptocurrencies.

In the last 24 hours, Bitcoin increased by approximately 5.6%, according to data available. The trading volume during this period was almost $100 billion, which is notably high even for a particularly volatile weekend session in the crypto market. Weekend price surges are often viewed as positive signs within the cryptocurrency community, as institutional and professional traders typically engage less over the weekend, leading to lower overall trading volumes.

The cost of future contracts tied to Bitcoin is rapidly increasing, suggesting that many investors are betting on its price increase. Moreover, the high demand for calls option at $80,000 on Deribit could indicate dealers are taking precautions in relation to a significant price point.

Dogecoin (DOGE) and Shiba Inu (SHIB) recorded significant gains among top cryptocurrencies, with DOGE experiencing a surge of up to 30%. This rise allowed DOGE to surpass XRP (XRP) and the stablecoin USDC on Sunday, placing it as the sixth-largest digital token. The recent endorsements from tech entrepreneur Elon Musk have propelled Dogecoin, causing its price to increase by 88% over the past month.

After a Friday surge, other major cryptocurrencies experienced a pause in their growth. Ether (ETH), Binance Coin’s BNB, and XRP increased by less than 4%, while Cardano‘s ADA showed signs of profit-taking following its 35% increase on Sunday.

Over the last day, the widely followed CoinDesk 20 Index (CD20), which monitors the largest cryptocurrencies based on market cap, experienced a 4.5% increase.

Memecoins related to dogs experienced an average increase of around 30% in value, according to CoinGecko data, with doge-themed coins leading the way, followed closely by meme coins built on the Solana blockchain and tokens launched through TokenFi’s platform.

Over the weekend, market movements were influenced by two significant events: First, the election of cryptocurrency-supportive Republican Donald Trump as the U.S. President, and second, the announcement of a new series of interest rate reductions by the Federal Reserve.

On Thursday, U.S.-based Bitcoin ETFs saw a new record-breaking net inflow of over $1.3 billion, surpassing the previous high of $1.1 billion set in March. This surge was primarily driven by BlackRock’s IBIT fund.

As a researcher examining Bitcoin (BTC) trends, I’ve noticed a growing anticipation among traders regarding the potential reach of $100,000 in the near future. This optimism stems from speculation that President-elect Trump may eventually establish a strategic bitcoin reserve, a promise he made during his campaign in July. If this happens, it could significantly impact Bitcoin’s price and trading dynamics.