Bitcoin nears $100,000 as crypto market cap hits record $3.4 trillion

BTC’s strength is triggering a rotation into other major tokens ahead of the weekend, fueled by renewed bullish hopes for a crypto-friendly Trump administration set to take office in January.

The overall market cap sits at a record $3.4 trillion, up 4.5% over the past 24 hours, driven primarily by BTC’s 2% jump (BTC accounts for over 56% of the total market cap) and the CD20 Index up over 6.6%

BTC spot exchange-traded funds offered in the US saw over $1 billion in net inflows, data shows, led by BlackRock’s IBIT with $600 million in purchases. Fidelity’s FBTC saw over $300 million in inflows, with no outflows from any of the eleven ETFs.

Traders expect BTC prices to continue to hold strong in the near term.

“We continue to see strong demand for BTC coupled with further monetary policy easing by global central banks, BTC prices are likely to remain supported as we approach the end of the year,” traders at QCP Capital said in a Friday broadcast. “Throughout the week, our desk observed aggressive demand on the March and June calls, indicating long-term bullish sentiment from investors for the year ahead.”

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