Bitcoin (BTC) jumps above $111K, XRP, Solana (SOL), ether (ETH) rally as Nikkei hits record high
The rally in major cryptocurrencies gathered momentum on Monday as Japanese shares surged to record highs and China’s third-quarter gross domestic product (GDP) data.
Bitcoin rose $111,000, up 3.7% in 24 hours after hitting a low of $103,602 last week, according to Coindesk data. The broader market has taken cues from BTC, as it has in the past, with major tokens like ether , Solana Bnb and An increase of 3% to 5% in 24 hours. The Coindesk 20 Index rose 3.6% to 3,685 points.
BTC’s RVT ratio, calculated as the ratio between the realized cap (USD) and the on-chain transaction value (USD), has dropped, offering bullish cues to the cryptocurrency.
“Historically, strong declines in RVTS have preceded major bull phases, as they indicate that Bitcoin is being used, accumulated, and transferred – not just held,” crypto analytics platform Alphractal said on Telegram.
Over the weekend, Michael Saylor, the executive chairman of Strategy, the world’s largest publicly listed holder, teased fresh cryptocurrency purchases.
Positive movements in the traditional market also gave favorable signals for cryptocurrencies. Notably, Japan’s benchmark equity index Nikkei topped 49,000 points for the first time on record, taking its year-to-date gain to 25%.
The Bullish Move followed official media reporting that Fiscal Dove Takaichi’s liberal Democratic Party will join forces with right-wing Nippon Ishin, cementing his place as Japan’s new Prime Minister.
Takaichi has been a vocal supporter of the Abenomics policy, which represents a mix of low interest rates, expansionary fiscal policy and structural policy. The renewed bias for Abenomics in Japan comes at a time when the Fed is expected to cut rates twice by the end of the year, and could bode well for riskier assets such as stocks and cryptocurrencies.
At the same time, Chinese stocks rose 0.90%, boosted by third-quarter GDP data, which came in at 4.8% year-on-year, slightly above forecasts of 4.7%. The quarter-on-quarter growth rate also exceeded expectations, with a 5% annual GDP target leading Beijing.
If that wasn’t enough, the dollar index, which measures the value of the greenback against major fiat currencies, fell slightly to 98.40, offering further support to dollar-denominated assets like BTC. Gold, meanwhile, traded flat around $4,250, indicating exhaustion of the uptrend, which has historically marked the start of renewed upswings in BTC.
