- Major cryptocurrencies rose sharply, led by Bitcoin surpassing $111,000.
- Bitcoin’s RVT ratio decline signals increased use and accumulation on the network.
- Japanese stocks reached record highs on political developments supporting expansionary policies.
- China‘s third-quarter GDP growth exceeded expectations, boosting market sentiment.
- The U.S. dollar weakened slightly, aiding dollar-denominated assets including cryptocurrencies.
The prices of major cryptocurrencies surged on Monday, with Bitcoin (BTC) climbing above $111,000 after hitting a recent low of $103,600 last week. This rally coincided with record highs in Japanese shares and better-than-expected third-quarter gross domestic product (GDP) data from China. Other top tokens such as Ethereum (ETH), XRP, Solana (SOL), Binance Coin (BNB), and Dogecoin (DOGE) also rose between 3% to 5% within 24 hours. The broader market advantage was tracked by the CoinDesk 20 Index, which increased 3.6% to 3,685 points.
Bitcoin’s Realised Value to Transaction (RVT) ratio, a metric that compares the network’s realized capitalization to on-chain transaction value, showed a decline. This trend is seen as positive because it indicates Bitcoin is being actively used and accumulated rather than just held, as noted by crypto analytics platform Alphractal. Over the weekend, Michael Saylor, executive chairman of Strategy—the largest publicly-listed Bitcoin holder—hinted at making new Bitcoin purchases.
The rise in cryptocurrencies followed positive movements in traditional markets. Japan‘s Nikkei stock index reached a record above 49,000 points, marking a 25% gain year-to-date. This boost followed news that Sanae Takaichi’s Liberal Democratic Party will ally with right-wing Nippon Ishin, securing her position as Japan’s new Prime Minister. Takaichi supports ‘Abenomics,’ a policy mix of low interest rates, fiscal stimulus, and structural reforms, which may encourage risk asset growth.
Meanwhile, Chinese stocks advanced 0.9% after the country’s GDP grew 4.8% year-over-year in the third quarter, slightly beating forecasts of 4.7%. Quarter-on-quarter growth also surpassed expectations, pushing the year-to-date GDP growth above Beijing’s 5% target. The U.S. dollar index, which gauges the strength of the greenback against other major currencies, declined to 98.40, further supporting dollar-denominated assets like Bitcoin. Gold prices remained flat near $1,250 per ounce, a sign that often precedes renewed increases in Bitcoin’s price.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
