Bitcoin Surpasses $77K as Funding Rates Indicate Ongoing Crypto Rally
Bitcoin hits a new record price exceeding $77,000, while other cryptocurrencies also continue their upward trend.
Cryptocurrency price milestones continue to fall after Donald Trump’s election win, with bitcoin (BTC) surpassing $77,000 for the first time, and other altcoins joining the rally post the Federal Reserve's rate cut.
The largest cryptocurrency reached a peak price of $77,105 during U.S. trading hours, according to the CoinDesk Bitcoin Index, showing only a slight 0.2% gain over the previous 24 hours. The broader CoinDesk 20 Index outperformed Bitcoin's performance, with native tokens of Cardano (ADA) and Polygon (POL) rising by 15%.
Ethereum's ether (ETH) rose nearly 3% to just below $3,000, marking its highest price in over three months as decentralized finance (DeFi) continues to gain momentum. Solana (SOL), another key player in the DeFi space, also surpassed the $200 mark for the first time since April.
Observations reveal that the funding rates for perpetual swaps on cryptocurrency exchanges are leaning closer to neutral rather than nearing a market peak, indicating potential for greater price increases. According to Sean Farrell, head of digital asset strategy at Fundstrat, there are currently "zero signs of market froth in funding rates."
Ari Paul, founder and CIO of BlockTower, commented on the ongoing bull market, suggesting that recent investors are positioning themselves for a sustained rally. He emphasized the importance of buying and holding select crypto assets, predicting Bitcoin could soar between $90,000 and $125,000 in this final market phase.