Bitcoin (BTC) traded around $114,200 in Asian markets Thursday, climbing 2.4% over 24 hours. Ethereum (ETH) also gained 2.4% to $4,400, while XRP (XRP) moved past $3, BNB neared $900, and Solana (SOL) rose nearly 3%. Dogecoin (DOGE) outperformed with a 5% surge, extending its weekly gains to nearly 16%.
Market analysts note bitcoin may be undervalued compared to U.S. M2 money supply growth. CF Benchmarks highlighted that BTC’s price is trading well below its fair value, with the gap between liquidity expansion and price at its widest since August 2024. Historically, similar divergences in 2016, 2019, and 2021 preceded significant rallies. Data suggests monetary growth leads bitcoin’s price action by about three months, indicating potential bullish momentum into late Q4.
“Bitcoin continues to attract dip buyers, but faces resistance near $115K, just above the 50-day moving average,” said Alex Kuptsikevich, chief market analyst at FxPro. He added that reclaiming this level would signal renewed optimism, though BTC still lags equities at record highs.
Meanwhile, options activity shows rising demand for downside protection ahead of U.S. inflation data, signaling short-term caution. Traders are watching the upcoming CPI release closely, as softer inflation could increase odds of a Federal Reserve rate cut and weaken the dollar — factors that historically support bitcoin and altcoins.
Solana’s momentum is also drawing attention, with total value locked (TVL) hitting a record $12.2 billion, up 57% since June. Analysts suggest SOL could push toward $300 if on-chain activity and liquidity continue to rise. Memecoins are also seeing fresh inflows, reflecting broader risk appetite.
Despite short-term uncertainty, liquidity trends and strong market participation suggest bullish conditions may build into the final quarter of the year.
