On the evening of November 19, bitcoin (#BTC☀ ) rose by 3.3% and set a new price record at $94,040. However, its price quickly adjusted to the range of $92,000.
The daily price spike coincided with brisk trading activity: in just 24 hours, $84.79 billion worth of bitcoins changed hands. Sharp price fluctuations also triggered a wave of liquidations in the derivatives market, destroying $44.4 million of $BTC
short positions over the same period of time.
The growth of bitcoin indicates its emergence as a heavyweight in the financial arena, which attracts huge investments and arouses the interest of traders. Experts attribute this latest growth to the actions of organizations, as well as to the hype around regulated trading options aimed at the Blackrock IBIT exchange-traded fund (ETF).
It is possible that retail and institutional players finally saw bitcoin as a hedge against economic uncertainty, appreciating its independence from government actions, protection from censorship and inflation due to limited supply.
The longevity of this momentum remains unknown, but analysts predicting growth to a new record of $100,000 by the end of 2024 have found support for their assumptions.