As a seasoned researcher who has closely followed the crypto market for over a decade, I must admit that watching Bitcoin’s meteoric rise to $97,836 is nothing short of breathtaking. My first investment was worth less than a cup of coffee back then, but if I had held onto it, it would be enough to buy a decent car today.
According to information from CoinGecko, Bitcoin, the foremost cryptocurrency in terms of market value, has reached an all-time peak price of $97,836.
Over the last day, the primary digital currency has seen a rise of almost 6%, edging close to a market capitalization of $2 trillion.
Following a significant surge, the current rally can be attributed to substantial investments made in Bitcoin ETF products on Wednesday. Specifically, BlackRock’s IBIT saw an impressive $626.5 million influx of new funds, while Fidelity’s FBTC recorded a $134 million inflow as well.
The possibility that Bitcoin will reach $100,000 by November on well-known prediction platform Polymarket has climbed up to a whopping 81%.
Bitcoin is already up roughly 40% this November after 20 days
Contrarily, well-known alternative cryptos like Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), and others, have missed out on the bullish trend. Instead, they are showing negative returns.
Despite Bitcoin’s significant advancements within the last day, Ethereum (ETH), a notable alternative coin, has experienced a minimal increase of just 0.5%.
Meanwhile, the ETH/BTC pair has now plunged to its lowest level since March 2021.
According to U.Today, well-known trader John Bollinger has expressed concern over Ether’s recent underperformance.
Yet, the poor performance of altcoins might signal a potential chance, as suggested by analyst Chris Burniske.
He noted that similar events have occurred numerous times, with different explanations arising for why change won’t occur this time, but just as the Earth continuously spins, so too will we continue to cycle,” he explained.
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2024-11-21 09:18