Bitcoin Soars to $81K as Ethereum and Dogecoin Continue Upward Trend During Weekend: Eminent Trader Forecasts Top Cryptocurrency to Reach $125K by Year-End – Grayscale Bitcoin Mini Trust (BTC) Shares Representing Fractional Beneficial Ownership (ARCA:BTC)

On Sunday, top cryptocurrencies realized significant gains, extending the robust rally that marked election week into the weekend.

What Occurred: Bitcoin continued to smash records, surpassing $81,000 for a fresh all-time high, spurred by the prospect of a crypto-friendly leadership under incoming President Donald Trump, rejuvenating the market.

Ethereum, ranking second in terms of market capitalization, crossed the $3,200 mark, a level unseen since July 31, while Dogecoin achieved more than a 34% increase, leading the pack in daily gains.

The market dominance of Bitcoin climbed beyond 60%, with a rise of 3.44 percentage points over the last day, and Ethereum also witnessed a slight uptick in its market share.

Around $683 million of capital tied up in open futures contracts was settled in the past day, with over half of these liquidations impacting short positions.

There was a 5.41% jump in Bitcoin’s Open Interest within a day, tallying $48.61 billion, an indicator of rising interest amongst futures market traders.

Notably, a majority of leading traders on the Binance cryptocurrency exchange were placing bets against Bitcoin, suggesting an anticipation of an imminent downturn.

The market’s sentiment has once again reached the “Extreme Greed” territory, as per the Cryptocurrency Fear and Greed Index.

Leading Gainers (24-Hours)

The overall cryptocurrency market cap now stands at $2.76 trillion, marking a 4.77% increase over the last day.

Sunday evening saw a modest uptick in stock futures. The Dow Jones Industrial Average Futures went up by 32 points, or 0.07%, as of 7:40 p.m. EDT. Futures related to the S&P 500 rose by 0.14%, and those for the Nasdaq 100 were up by 0.24%.

These movements come on the heels of an extraordinary election week rally, which brought record closings for the three major indexes: the Dow, the S&P 500, and the Nasdaq Composite.

Investors this week will keep their eyes peeled for critical inflation data, including the consumer price index for October, expected on Wednesday, followed by producer price index figures due on Thursday.

Explore Further: Prime Cryptocurrency Scanners

Analyst’s Take: Eminent cryptocurrency expert Peter Brandt has forecasted that Bitcoin could touch $125,000 by the start of the new year.

“Bitcoin, once it begins its ‘Mark-Up’, does not look back. Historically, when BTC surges, it embarks on a solid run,” commented Brandt.

Prominent crypto analyst and trader Scient projects a temporary cessation in BTC’s rally at approximately $84-85,000, foreseeing a period of correction and consolidation for 7-10 days before the climb continues.

“…Looking to bid between $71,000-$69,000,” he further mentioned.

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