Bitcoin Price Nears $100,000
Bitcoin is setting new all-time highs (ATH), coming close to the $100,000 mark. The crypto market capitalization surpassed $3.44 billion.
As of 12:30 p.m. (GMT+2), Bitcoin reached its historical peak at $99,486, according to CoinGecko, less than three hours ago, followed by a minor pullback. However, many indicators suggest that the $100,000 milestone will be achieved soon.
Glassnode analysts attribute Bitcoin’s surge to capital inflows into spot ETFs based on the asset. According to Bloomberg, as of November 21, the net assets of U.S. spot Bitcoin ETFs exceeded $100 billion for the first time.
Additionally, on November 21, trading volume in the U.S. for assets included in the Bitcoin Industrial Complex index, which tracks spot Bitcoin ETFs, MicroStrategy (MSTR), and Coinbase (COIN), surpassed $70 billion, setting a new record. This data was shared by Bloomberg analyst Eric Balchunas.
Further price drivers include initiatives by Donald Trump’s team directly or indirectly related to the cryptocurrency market. One of the most impactful developments is Gary Gensler’s announcement of his resignation as Chair of the U.S. Securities and Exchange Commission (SEC) on January 20, 2025, coinciding with the inauguration of the new president.
The Fear and Greed Index hit 94 points, signaling “extreme greed” among traders and marking its highest value since February 2021. Over the past 24 hours, the index rose by 12 points. The index considers factors such as Bitcoin volatility and trading volume (25% each), social media and survey sentiment (15% each), Bitcoin dominance, and search trends (10% each).
Amid this backdrop, the cryptocurrency market as a whole is also experiencing record growth, with its capitalization exceeding $3.446 billion. Bitcoin’s dominance index is hovering around 60%, while all top-20 altcoins are showing positive trends.
It’s worth noting that Bitcoin’s rally and the broader cryptocurrency market’s surge began following Donald Trump’s victory in the U.S. presidential election.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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