Crypto Today: DOGE, BCH and LTC emerge as top gainers with Bitcoin’s $100K breakout sparking PoW rally

• The cryptocurrency sector valuation hit $3.67 trillion on Thursday, reflecting a 2.34% surge within the daily timeframe. 
• Bitcoin price finally breached the $100,000 milestone after Trump officially nominated Pual Atkins as Gary Gensler’s replacement.
• In the derivatives markets 167,262 traders were liquidated with bulls booking 52% of the $564.27 million in total liquidations. 

Altcoin market updates: Dogecoin, Bitcoin Cash and Litecoin as BTC bullish sentiment spreads across Proof-of-Work sector 

Bitcoin price breached the $100,000 milestone on December 4, as investors reacted positively to news of Trump nominating Paul Atkins for the Securities & Exchange Commission (SEC), viewed as a crypto-friendly replacement for Gary Gensler. BTC’s remarkable record triggered mixed reactions within the altcoin market.

While the likes of Ripple (XRP), Avalanche (AVAX) and Tron (TRX) retreated from their monthly timeframe peaks, prominent coins within the Proof-of-Work sector mirrored the BTC rally, scoring double-digit gains.  

• Litecoin price gets 12% boost amid Bitcoin rally. 

Litecoin (LTC), founded in 2014 as a more efficient alternative payment network, saw 12% gains as Bitcoin price breached the $100,000 mark on Thursday. 

• Bitcoin Cash (BCH) price hits five-month peak

Bitcoin Cash also mirrored LTC’s performance, delivering 11% gains on the day, breaching the $615 territory for the first time since July 2024, according to Coinmarketcap data. 

• Dogecoin price outperforms SHIB and PEPE

Dogecoin (DOGE), the largest memecoin validated by the Proof-of-Work (PoW) consensus, also recorded a blistering 7% rally to reclaim the $0.45 level after a sluggish start to the week.

This saw DOGE outperform Shiba Inu and PEPE, emphasizing the bullish impact of Bitcoin's record-breaking rally on the PoW sector. 

Chart of the day: Altcoins set for bigger gains as BTC breaks $100K

Bitcoin has dominated media headlines globally on Thursday as it climbed to a new all-time high of $104,100 on Thursday, after weeks of consolidating below the $100,000 mark.

However, the broader market data shows that altcoins now offer more profitable opportunities than the pioneer cryptocurrency. 

In confirmation of this stance, the Altcoin Season index chart below tracks the performance of the top 50 altcoins in comparison to Bitcoin over a 90-day period.

Typically, investors declare the start of an “altcoin season”, when 75% of the top 50 altcoins outperform BTC. 

Altcoin Season Index, December 5, 2025 | Source: BlockchainCenter

The chart above indicates that 86% of the top 50 ranked altcoins have outperformed BTC over the last 90 days, as of December 5.

This shows that crypto investors are predominantly acquiring altcoins despite Bitcoin dominating major media discourse. 

Within the current market dynamics, every 1% increase in the Bitcoin price triggers a greater bullish impact for major altcoins.

This explains why the likes of Ripple (XRP), Solana (SOL) and SUI all skyrocketed to new all-time highs in recent weeks. 

Crypto news updates: 

• Financial Times issues apology for negative Bitcoin coverage after $100K rally

FT Alphaville, the Financial Times’ opinion section known for its critical stance on Bitcoin, has issued a rare public apology following the cryptocurrency’s recent surge past the $100,000 mark. 

For years, the publication's coverage portrayed Bitcoin as inefficient and lacking intrinsic value, a perspective that resonated with cautious investors but drew increasing criticism from crypto enthusiasts. 

In reaction to Bitcoin’s latest milestone, FT acknowledged the growing backlash from readers, many of whom feel the publication’s skepticism may have deterred them from capitalizing on Bitcoin’s historic rally.

Despite the apology, the editorial team stood by the analytical rigor of their past articles, emphasizing that their views were rooted in concerns about Bitcoin’s volatility, energy consumption and long-term viability. 

However, they expressed regret for any unintended impact their coverage may have had on readers' financial decisions, particularly those who remained on the sidelines during Bitcoin's meteoric rise.

Moving forward, FTAlphaville pledged to offer a more balanced perspective on cryptocurrencies, reflecting both the risks and opportunities in this rapidly evolving asset class.

• Chinese tech giant Meitu sells off entire Bitcoin and Ethereum holdings amid $100K BTC milestone

According to a recent statement, Chinese tech company Meitu has completely exited the cryptocurrency market, selling its 940 Bitcoin and 31,000 Ethereum holdings just before Bitcoin surged past the $100,000 milestone. 

Initially investing $100 million in March and April 2021, the company allocated $49.5 million to Bitcoin and $50.5 million to Ethereum.

The exit, conducted in two phases, generated a total of $180 million in proceeds.

In November, Meitu sold half of its holdings for $80 million, followed by a December sale of 470 BTC at over $95,000 and 15,703 ETH at $3,500, securing a net profit of approximately $80 million.

Meitu now plans to shift its focus from digital assets to its core business of photo, video and design applications, which have experienced significant growth driven by AI advancements.

With this strategic pivot, Meitu aims to capitalize on the booming demand for AI-powered media tools, abandoning its previous foray into the volatile cryptocurrency market.

US Fed Chair Powell: Bitcoin competes with Gold, not the US Dollar

Federal Reserve (Fed) Chair Jerome Powell has clarified his stance on Bitcoin, stating that the cryptocurrency is more akin to Gold than a competitor to the US. Dollar. 

Speaking at the New York Times DealBook Summit, Powell described Bitcoin as a speculative asset, emphasizing its volatility and limited use as a payment method or store of value. 

“People use Bitcoin as a speculative asset. It’s like gold, it’s just like gold—only it’s virtual, it’s digital. People are not using it as a form of payment or a store of value. It’s highly volatile. It’s not a competitor for the dollar; it’s really a competitor for gold.”

- US Federal Reserve Chairman, Jerome Powell. 

Powell also addressed the Fed’s cautious stance on cryptocurrencies, noting that while the Fed monitors their impact on the financial system, it does not directly regulate them. 

Shifting focus to monetary policy, Powell highlighted the US economy's resilience, citing stronger than expected growth and a robust labor market. 

However, with inflation still elevated, he suggested that the Fed would adopt a cautious approach to interest rate cuts.

According to CME Group’s Fed Watch tool, market watchers are pricing in another 25-basis-point easing at the next FOMC meeting slated for December 18 meeting, mirroring Powell’s measured macroeconomic outlook.

This movement follows a similar transfer in August when the government sent 10,000 BTC, worth $600 million, to Coinbase.

The recent transaction has triggered market speculation, as Bitcoin’s price dropped below $95,000 following the news.