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.
Any questions left? Please leave your contact info. Our Manager will answer you shortly.