Bitcoin tops $80,000 as 19 of 20 altcoins join rally

Bitcoin crossed $80,000, lifting 19 of 20 largest altcoins as Ethereum, XRP and Solana gained over 40% in two weeks.

"The buying that followed last week's short squeeze suggests bitcoin's rally may be more durable than a tactical bounce," Fundstrat said in a note Monday, pointing to strong inflows into bitcoin and ether ETFs, increased trading and more stablecoin creation.

The move extends a sharp rally that began last week, when bitcoin surged more than 20% in three days — its biggest three-day gain since 2023 — fueled partly by a short squeeze that liquidated more than $4 billion in bearish crypto positions. U.S. spot bitcoin ETFs attracted $1.92 billion in net inflows last week, their largest weekly haul since October, when bitcoin reached its previous cycle peak. The broader crypto recovery picked up speed as the U.S. Treasury doubled its planned buybacks of long-dated government bonds, financing those purchases with more short-term debt issuance.

All eyes are now on the macroeconomic outlook, with the Federal Reserve's preferred inflation gauge — the core PCE index — due this week and Fed Chair Kevin Warsh delivering his first Jackson Hole keynote on Friday. Futures markets price roughly a one-in-three chance of a September rate move, down from far higher odds a month earlier.

ETF inflows broaden beyond Bitcoin

Spot bitcoin ETFs have logged seven consecutive days of net inflows, pushing August totals near $3.03 billion, according to SoSoValue data. Ether ETFs matched the streak with seven straight inflow sessions, while Solana, XRP and Hyperliquid funds also drew fresh capital — evidence that demand is broadening beyond the two largest crypto assets.

Bitcoin traded at $80,724 as of 14:30 UTC, up 4.64% over the past 24 hours, with a market capitalization of $1.58 trillion and 24-hour volume of $27.38 billion, per CoinGecko data. Solana led the top ten with an 8.33% gain to $102.09, followed by XRP at $1.52 (up 3.11%) and Ethereum at $2,509.52 (up 2.49%). The total crypto market capitalization rose 3.05% to $2.7 trillion.

What's next for the rally

Fundstrat also noted that bitcoin rallied without fresh purchases from Strategy, the world's largest corporate holder of the cryptocurrency. Strategy has not bought bitcoin for two weeks. If it starts buying again while ETF demand remains strong, that could provide another boost to prices.

BTIG cautioned that a similar surge in January 2023 initially faded before the cryptocurrency found support around its 200-day moving average. Bitcoin has been in a prolonged slump since October, and the question remains whether the current breakout can hold above $80,000.

The next key test comes Friday, when Warsh delivers his first keynote as Fed chair at the Jackson Hole symposium. A dovish lean could support bitcoin's push toward resistance near $81,250, while a hawkish surprise risks a pullback toward the mid-$70,000 support zone.

This article is for informational purposes only and does not constitute investment advice.