On Thursday morning, the largest cryptocurrency, Bitcoin, broke the long-awaited $97,000 mark, setting a new all-time high. BTC is just 3% away from reaching the iconic $100,000 milestone. Optimism regarding the future of cryptocurrency in the U.S. is driving the rise of Bitcoin.
In the past 24 hours, the cumulative market value of cryptocurrencies has surged by over 3%, reaching $3.17 trillion. Its 24-hour trading volume reached around $190 billion, growing by 5%. This surge came amid intensifying speculation about Donald Trump's team discussing the establishment of a cryptocurrency policy department in the White House. From skeptics to supporters, Trump's transition towards cryptocurrency is making significant progress in the digital asset space.
Bitcoin has risen to $97,000
The price of Bitcoin has increased by 6% in the past 24 hours and by 45% in the past 30 days. As of the time of writing, the average trading price of BTC is $97,549. Its 24-hour trading volume has surged by 12%, exceeding $84 billion.
Coinglass data shows that in this epic battle for $100,000, bulls have overwhelmed bears. In the past 24 hours, over $115 million worth of Bitcoin price trend bets (including both long and short) were liquidated.
Positions worth over $93 million were ultimately confirmed as short positions (81%). This indicates that traders expect a correction, but the positive trend supports further upward movement for BTC.
Since Trump won the U.S. presidential election on November 5, the cryptocurrency market has increased by $800 billion. Bitcoin supporters believe that a six-figure price is the ultimate proof of its legitimacy as a modern store of value. But despite witnessing record surges, critics remain cautious.
However, the supportive cryptocurrency framework proposed by Trump and negotiations for U.S. Bitcoin reserves may reshape the market.
