Bitcoin has smashed through its previous records, hitting an all-time high (ATH) of $97,858 today. Its market cap has climbed to a staggering $1.91 trillion, reflecting a 4.74% gain in just a few hours. At the same time, trading volume soared by 17.88%, reaching $88.38 billion in the last 24 hours.
Adding to the excitement, Bitcoin’s rally has pushed U.S. Bitcoin ETFs over the $100 billion mark in total assets—a milestone achieved just 10 months after their January launch. On Wednesday alone, these ETFs recorded $773 million in inflows as Bitcoin reached its new peak of $97,892.
But what’s driving this bull rally, and how close are we to seeing Bitcoin hit that $100K milestone?
Bitcoin is riding a bullish wave since President-elect Donald Trump’s plans to foster the crypto industry. Discussions about creating a White House digital-asset policy position have further boosted the market sentiments.
Trump, now considered one of crypto’s most prominent advocates, has energized investors and industry insiders alike. According to Caroline Bowler, CEO of BTC Markets, “This price rally is being fed by the frequent pro-crypto news linked to the incoming Trump administration.”
Since the start of 2024, Bitcoin has surged 129%, outperforming traditional investments like gold and stocks. Following Election Day, U.S.-listed Bitcoin ETFs have attracted over $4 billion in inflows, signaling growing confidence in the prospect of crypto-friendly legislation under Trump’s leadership.
BlackRock’s IBIT ETF continues to lead the charge, securing $626.52 million in inflows on November 20 alone. With cumulative inflows now surpassing $30 billion, BlackRock remains the dominant player in the Bitcoin ETF space.
Other ETFs also performed well, with Fidelity’s FBTC ETF garnering $133.94 million, and ARK’s ARKB and Bitwise’s BITB posting inflows of $9.25 million and $3.77 million, respectively. Total Bitcoin ETF trading volume jumped to $5.71 billion on November 20, marking a significant increase from the previous day’s $4.78 billion.
While Bitcoin ETFs are thriving, Ethereum ETFs are struggling. Spot ETFs for Ethereum recorded outflows for the fifth day in a row, with Fidelity’s FETH leading the decline, losing $30.75 million on November 20. Grayscale’s ETHE followed with $16.29 million in outflows. However, BlackRock’s ETHA ETF stood out, bucking the trend with $16.74 million in inflows.
Bitcoin continues its march toward $100,000, currently trading at $97,659 after a 5.6% rise in the past 24 hours. In contrast, Ethereum remains steady at approximately $3,107, reflecting a pause in its upward trajectory. Investors are keeping a close watch on the market as Bitcoin maintains its dominance and sets new benchmarks for the crypto industry.
The BTC price may range between $94,500 and $100,000 for today.
Amid increased whale activity and adoption, the price of BTC tokens has reclaimed the $89k level during the early Asian trading hours.
As per Coinpedia’s BTC price prediction, 1 BTC could peak at $135,449.
Bitcoin’s march toward $100,000 seems unstoppable, with many analysts predicting that the milestone could be reached soon. Some even believe Bitcoin could double its value by the end of the year. We’ll keep you updated!
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