Bitcoin (BTC) soared above $81,000 late Sunday, continuing its record-setting rally into its sixth consecutive day, supported by high trading volumes and bullish activity in the futures market. This surge led to significant growth across major cryptocurrencies.

Key Points

  • Bitcoin surpassed $81,000, boosted by a sustained rally and increased weekend trading volumes, signaling strong bullish sentiment.
  • Dogecoin (DOGE) and Shiba Inu (SHIB) led the market’s gains, with DOGE rising 30% and overtaking USDC to become the sixth-largest cryptocurrency by market cap.
  • The rally follows Donald Trump’s presidential win and growing anticipation of a strategic bitcoin reserve plan, which he promised during his campaign.
  • Dogecoin has seen an 88% surge over the past 30 days, driven in part by renewed support from tech entrepreneur Elon Musk.

Bitcoin’s recent push has been marked by a 5.6% gain in the past 24 hours, with trading volumes nearing $100 billion over a weekend session that typically sees lower activity. The high volumes suggest bullish market sentiment, especially as futures premiums on BTC-linked products surge. Notably, the $80,000 call on Deribit is gaining traction, indicating that traders are positioning for further gains.

Dogecoin and Shiba Inu led the way among major cryptocurrencies, with DOGE seeing a significant 30% price jump, overtaking both XRP and the stablecoin USDC to claim the sixth-largest spot. This surge comes on the back of increased interest from investors and endorsements from Musk, with DOGE rising 88% in the last 30 days.

Meanwhile, other major tokens such as Ether (ETH), Binance Coin (BNB), and XRP posted more modest gains of under 4%. Cardano (ADA) saw some profit-taking after a notable 35% surge on Sunday.

Dog-themed memecoins saw an average jump of 30%. Other sectors, including Solana-based tokens and TokenFi launchpad projects, also saw significant moves, according to CoinGecko data.

This weekend’s price action comes after a week that saw Donald Trump win the U.S. presidency, with the market reacting positively to the prospect of his campaign promises, including a strategic bitcoin reserve. The excitement surrounding Trump’s win is further buoyed by a fresh round of interest in Bitcoin ETFs, with U.S.-listed ETFs attracting over $1.3 billion in net inflows last Thursday, breaking the previous March record.

Traders are now eyeing the $100,000 price level for Bitcoin, encouraged by Trump’s potential to implement a bitcoin reserve once he takes office in January.