Bitcoin Jumps Past $111K as XRP, Solana, and Ethereum Rally Amid Global Market Optimism

What to Know

• Bitcoin surged past $111,000 as bullish momentum returned across major cryptocurrencies.
• On-chain metrics suggested renewed accumulation and network activity, hinting at the start of a new bullish phase.
• Japan’s Nikkei hit a record high as fiscal dove Sanae Takaichi moved closer to becoming the new Prime Minister.
• China’s GDP growth beat expectations, while a weaker U.S. dollar and steady gold prices supported risk assets.

The cryptocurrency market kicked off the week with a strong recovery, mirroring a wave of optimism sweeping through global financial markets. Bitcoin (BTC) rallied above $111,000 for the first time in weeks, pulling major altcoins such as Ethereum (ETH), XRP, Solana (SOL), and Binance Coin (BNB) higher.

This broad-based rally was fueled by a mix of on-chain strength, favorable macroeconomic data from Asia, and growing expectations of interest rate cuts by major central banks. The renewed enthusiasm suggests traders may once again be positioning for another bullish leg across both crypto and equity markets.

Bitcoin Leads the Charge Past $111,000

Bitcoin climbed 3.7% in 24 hours to trade at around $111,184, marking a sharp rebound from last week’s dip below $104,000. The market’s tone has shifted notably over the past few sessions, with BTC’s Realized Value-to-Transaction (RVT) ratio dropping — a historically bullish signal.

A lower RVT ratio often implies that Bitcoin is actively moving between wallets rather than sitting dormant, indicating renewed accumulation and network activity. Analysts note that such shifts often precede major bull phases, especially when they coincide with macro tailwinds like easing financial conditions or a weakening U.S. dollar.

Adding to the positive sentiment, MicroStrategy chairman Michael Saylor hinted at additional Bitcoin purchases over the weekend, suggesting that institutional conviction remains strong even after recent price volatility.

Major Altcoins Follow Bitcoin’s Upward Momentum

The broader crypto market mirrored Bitcoin’s rally. Ethereum climbed above $4,040, XRP rose to $2.46, Solana surged past $193, and BNB traded around $1,125 — each logging between 3% and 5% gains over 24 hours. Dogecoin also joined the rally, trading around $0.20.

The CoinDesk Market Index reflected this positive momentum, rising 3.6% to reach 3,685 points. Analysts attribute the synchronized move to improved global risk appetite and growing confidence that central banks, particularly the Federal Reserve and Bank of Japan, may shift toward more accommodative monetary policies before year-end.

Japanese Markets Hit Record Highs, Boosting Risk Sentiment

Japan’s benchmark Nikkei 225 index surged above 49,000 points for the first time ever, extending its year-to-date gains to roughly 25%. The rally followed reports that fiscal dove Sanae Takaichi is poised to become Japan’s next Prime Minister through a coalition between the Liberal Democratic Party and Nippon Ishin.

Takaichi has been a vocal proponent of Abenomics — a strategy focused on low interest rates, government spending, and structural reform. Her expected leadership reinforces the outlook for a continued pro-growth stance in Japan, which could spill over into global equity and digital asset markets.

With Japanese investors increasingly viewing Bitcoin and digital assets as alternative stores of value amid a weakening yen, the country’s policy direction may play an outsized role in shaping crypto demand in the coming months.

China’s Strong GDP and Dollar Weakness Support the Rally

Investor sentiment received another boost from China, where third-quarter GDP rose 4.8% year-on-year — slightly exceeding expectations of 4.7%. The quarter-on-quarter figure also surprised to the upside, keeping Beijing on track to hit its 5% annual growth target.

The news lifted Asian equities and underscored resilience in the world’s second-largest economy, a critical factor for global commodity demand and investor confidence. Meanwhile, the U.S. dollar index slipped to 98.40, marking one of its weakest levels in months.

A softer dollar typically benefits dollar-denominated assets like Bitcoin and gold by making them more attractive to international investors. However, gold remained largely unchanged around $4,250, suggesting that traders may be rotating capital from precious metals into higher-yield assets such as cryptocurrencies.

Outlook: Can Bitcoin Maintain Its Momentum?

Despite the upbeat tone, analysts caution that Bitcoin faces potential resistance between $112,000 and $115,000. A sustained break above this zone could confirm a new bullish phase, while failure to hold current levels may trigger short-term profit-taking.

Macroeconomic indicators, central bank commentary, and further developments in Japan’s leadership transition are likely to shape near-term direction. For now, improving on-chain health and renewed institutional participation suggest that sentiment is shifting decisively in favor of the bulls.

Q&A

Is Bitcoin’s rally sustainable above $111,000?

The sustainability of Bitcoin’s rally depends on several factors — including continued on-chain accumulation, macroeconomic stability, and a dovish monetary policy environment. If the RVT ratio continues to fall and global risk sentiment remains strong, Bitcoin could target the $115,000–$120,000 zone in the coming weeks.

How do Japan’s economic policies influence Bitcoin?

Japan’s pro-growth policies, such as Abenomics, generally favor risk assets like equities and cryptocurrencies. A weaker yen and sustained fiscal stimulus can drive domestic investors to diversify into Bitcoin and other digital assets as inflation hedges and alternative stores of value.

What role does China’s GDP growth play in the crypto market?

Stronger-than-expected GDP growth in China signals robust economic activity in Asia, which can lift investor confidence globally. Since many traders view Bitcoin as a risk-on asset, improving macro conditions in major economies often translate to upward momentum in the crypto market.

Could a weaker U.S. dollar fuel another Bitcoin rally?

Yes. A falling U.S. dollar typically strengthens Bitcoin’s appeal among global investors. Since Bitcoin is denominated in dollars, a weaker greenback makes it cheaper for foreign buyers, often triggering new inflows into the crypto market.

How does on-chain data confirm bullish momentum?

On-chain indicators like the RVT ratio help gauge network activity and investor behavior. A drop in this ratio suggests increased transaction volume and accumulation, both of which are historically tied to early-stage bull markets.