Bitcoin Jumps Past $111K, XRP, SOL, ETH Rally as Japanese Shares Hit Record High

The recovery rally in major cryptocurrencies gathered pace on Monday as Japanese shares surged to record highs and China's third-quarter gross domestic product (GDP) data bettered estimates.

Bitcoin BTC$90,494.54 topped $111,000, rising 3.7% in 24 hours after having hit a low of $103,602 last week, according to CoinDesk data. The broader market took cues from BTC, as usual, with major tokens such as ether ETH$3,125.08, XRP$2.0637, solana SOL$133.07, BNB BNB$890.69 and DOGE$0.1469 rising 3% to 5% in 24-hours. The CoinDesk 20 Index was up 3.6% at 3,685 points.

BTC's RVT ratio, calculated as the ratio between the Realised Cap (USD) and the on-chain transaction value (USD), dropped, offering bullish cues to the cryptocurrency.

"Historically, strong declines in the 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 BTC holder, teased fresh purchases of the cryptocurrency.

Positive movements in traditional markets also provided favorable signals for cryptocurrencies. Notably, Japan's benchmark equity index Nikkei topped 49,000 points for the first time on record, taking the year-to-date gain to 25%.

The bullish move followed official media reports that fiscal dove Sanae Takaichi's Liberal Democratic Party will join forces with right-wing Nippon Ishin, cementing her place as the new Prime Minister of Japan.

Takaichi has been a vocal supporter of the Abenomics policy, representing a cocktail 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 year's end, and may bode well for riskier assets like stocks and cryptocurrencies.

At the same time, Chinese stocks rose 0.90%, cheered by the 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 year-to-date GDP topping Beijing's 5% annual target.

If that's not enough, the dollar index, which measures the greenback's value against major fiat currencies, fell slightly to 98.40, offering additional support to dollar-denominated assets such as BTC. Gold, meanwhile, traded flat at around $4,250, indicating uptrend exhaustion, which has historically marked the onset of renewed upswings in BTC.