Bitcoin has been on a roll for a while now. While the coin’s impressive upward tick was primarily fueled by the results of the American election, the world’s most valuable coin has kept on going up even weeks after the election has passed. Bitcoin has recently hit the $98,000 mark, and analysts are now saying $100,000 is next in sight, which may very well be sooner than anyone thinks. 

In the last 24 hours alone, Bitcoin has seen a 5.8% increase in its price, ensuring the token is trading at an all-time high (ATH) of $98,000. Bitcoin, now hailed as the “digital gold”, has a market cap of $1.93 trillion and an impressive 57.9% dominance over the crypto market. 

This impressive turn of events also saw Bitcoin’s daily trading volume break the $85 billion mark. Polymarket data has also shown that the market is currently bullish on the coin. An ongoing bet on the crypto betting site showed that Bitcoin has an 83% chance of hitting a $100,000 valuation before the year runs out.

Bitcoin’s strong market performance has also had a very positive effect on the global crypto market. Data from CoinGecko has shown that the global market has now hit an ATH market capitalization of $3.3 trillion.

Despite its strong performance in the last 24 hours, Bitcoin has also experienced some liquidation in the same period. Data from CoinGlass shows that Bitcoin has witnessed liquidations worth more than $100 million, with 80% of the total liquidation coming from short sellers and those betting on a price dip.

Impressed by Bitcoin’s performance, analysts have investigated what spurred its upward run. The election of self-proclaimed “crypto president”  Donald Trump into the White House was identified as one of the major triggers. In addition, many pro-crypto politicians have also dominated the U.S. House of Representatives and the Senate, a development that has raised the crypto community's hopes for more crypto-friendly regulations. 

Still on Bitcoin’s meteoric rise, Ki Young Ju, CEO of the market analysis platform CryptoQuant, likened this year’s bullish momentum to the 2020 bull run. He pointed to the strong whale accumulation and large over-the-counter deals made by more institutions than individuals as one of the factors responsible for Bitcoin’s price surge. 

CryptoQuant's CEO also pointed out the Bitcoin halving event on April 20. However, the latest catalyst for the boost in Bitcoin’s price is perhaps the launch of spot BTC exchange-traded fund options in the U.S. Spot BTC ETF options are now expected to increase the already massive demand for Bitcoin as investors look to manage their investment risks.

Despite Bitcoin’s strong form, alternative coins have not enjoyed such luck. Data from S&P Global Market Intelligence showed notable price declines from major players such as Stacks, Immutable and even Kaspa. However, seeing that lower prices usually fuel impressive buying runs, altcoins are also expected to make a comeback soon.

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