Bitcoin prices have surged to just over $99,000, bringing it close to a historic $100,000 milestone. The rise is attributed to increased demand and long-term bullish bets on a crypto-friendly Trump administration set to take office in January.
BlackRock’s IBIT ETF saw $600 million in purchases, while Fidelity’s FBTC recorded $300 million in inflows. This surge in interest has led to a rotation in other major tokens, with Ethereum (ETH) up 9% and Solana’s SOL rising by 8%.
Traders expect Bitcoin to hold strong in the short term, citing easing monetary policy and long-term bullish sentiment. Deribit’s futures expiring in March, June, and September 2025 trade above $100,000, with a $2 billion call option at the $100,000 strike.
However, analysts predict a potential short-term pullback near the $100,000 level as the market adjusts to the impending changes. The overall crypto market capitalization stands at a record $3.4 trillion, with Bitcoin accounting for over 56% of this total.
Source: https://www.coindesk.com/markets/2024/11/22/bitcoin-nears-100k-with-crypto-market-cap-at-record-34t