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Bitcoin Surges Past $81,000, Dogecoin Makes Big Gains

2024-11-10

Bitcoin (BTC) started the week strong, soaring past $81,000 on Monday. The surge follows a six-day rally that saw record-breaking trading volumes over the weekend.

The broader CoinDesk 20 (CD20) index, which tracks the top 20 cryptocurrencies by market capitalization, rose 4.5% in the past 24 hours.

Dogecoin and Shiba Inu, both meme-based cryptocurrencies, led the gains among major cryptocurrencies, adding 30% in the past 24 hours.

The market's upward momentum could be attributed to Donald Trump's recent presidential win and the anticipation of a strategic Bitcoin reserve, which he promised during his July campaign.

Bitcoin's weekend trading volumes were unusually high, reaching almost $100 billion. This is seen as a positive sign in the crypto market, as trading volumes typically decline over the weekend when many institutional investors and professional traders are less active.

Futures premiums on Bitcoin-tracked products are increasing, indicating a bullish sentiment among traders. The popularity of the $80,000 call option on Deribit suggests that some dealers are hedging their positions around this key price level.

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