Bitcoin Breaches $81K, Dogecoin Tops Daily Gainers as Election Week Rally Extends into the Weekend

Leading cryptocurrencies advanced higher on Sunday as the searing election week rally continued into the weekend.

Top cryptocurrencies advanced Sunday as the searing election week rally continued into the weekend.

What Happened: Bitcoin extended its record-breaking trajectory, breaching $81,000 for the first time, as expectations of a cryptocurrency-friendly administration under President-elect Donald Trump revitalized markets.

Ethereum, the second-largest cryptocurrency, broke $3,200 for the first time since July 31, while Dogecoin topped the daily gainers list with gains of more than 34%.

Bitcoin’s market dominance rose above 60%, following a 3.44 percentage point gain in the last 24 hours, while Ethereum also saw a minor increase in market share.

Over $683 million worth of funds locked in unsettled futures contracts were liquidated in the last 24 hours, with short liquidations accounting for more than half.

Bitcoin’s Open Interest spiked 5.41% in the last 24 hours to $48.61 billion, reflecting higher demand from derivatives traders.

Interestingly, the majority of top traders on the cryptocurrency exchange Binance took downside bets against Bitcoin as of this writing, indicating expectations of a pullback.

Market sentiment was back in the “Extreme Greed” zone, according to the Cryptocurrency Fear and Greed Index.

Top Gainers (24-Hours)

CoinPrice24-Hour ChangeDogecoin (DOGE)$0.34334.26%Bitcoin (BTC)$81,182.043.68%Ethereum (ETH)$3,266.082.66%Chainlink (LINK)$31.682.16%Binance Coin (BNB)$626.061.86%

The global cryptocurrency market capitalization stood at $2.76 trillion, following an increase of 4.77% in the last 24 hours.

Stock futures ticked higher Sunday night. The Dow Jones Industrial Average Futures rose 32 points, or 0.07%, as of 7:40 p.m. EDT. Futures tied to the S&P 500 gained 0.14%, while Nasdaq 100 Futures added 0.24%.

The moves followed a sensational election week rally that saw the three blue-chip indexes, the Dow, the S&P 500, and the Nasdaq Composite, close at record highs.

This week, investors would watch out for key inflation numbers, including October’s consumer price index slated for Wednesday, and the producer price index data, due on Thursday.

Best Cryptocurrency Scanners

Analyst Notes: Legendary cryptocurrency trader Peter Brandt projected Bitcoin to hit $125,000 by New Year.

“When BTC decides to ‘Mark-Up,’ it never looks back. Throughout its history, when BTC runs – it runs,” Brandt said.

“Based on Jan-Mar ’24 run as ONLY one ‘time/price’ Bayesian probability ‘priors,’ price could hit $125k by New Years.”

Sci Fi Scient predicted a halt in BTC’s rally around $84-85,000, followed by a correction/consolidation for 7-10 days before we resume the uptrend.

“If it does happen, I’m looking to bid between $71,000-$69,000,” the trader added.

$BTC, I think we are close to the local top.

Anticipating the price to halt around $84-85k followed by a correction/consolidation for 7-10 days before we resume up again.

If it does happen, Looking to bid between $71k-$69k.

#BTC #BTCUSDT pic.twitter.com/9Nco8Jakg1

Sci Fi Scient (@Scient_Trader) November 14, 2024

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