It’s another day and the price of Bitcoin has hit another new all-time high, just $2,000 away from the coveted $100,000.
Meanwhile, many altcoins turned red, including ADA, SUI, and numerous meme coins, unlike other altcoins associated with Bitcoin.
Will $100,000 fall today?
It’s been an exciting few weeks since Donald Trump won the U.S. presidential election on November 5. Since then, the primary cryptocurrency has broken through its all-time high of $73,740 in March 2024 and hasn’t looked back.
In the following week, the price of Bitcoin surged above $80,000 and broke through the $90,000 resistance level. Although Bitcoin faced some bears ready to fight back at the time, it overcame the difficulties and started a new rally at the beginning of this week.
Initially, the price of Bitcoin hit $94,000, a new all-time high, but continued to climb in the following days, breaking through $95,000 yesterday. In the early hours of the Asian trading session, the price of Bitcoin soared to nearly $98,000, just 2% away from $100,000.
This comes against the backdrop of rising funding for spot BTC ETFs, which now have more than $100 billion in assets under management, according to SoSoValue.
With a market cap of well over $1.9 trillion, Bitcoin is currently the seventh-largest asset in the world. Its dominance in the cryptocurrency market has also risen to 58% on CG.
BCH and BSV are on the rise
Most of the altcoins that have risen recently have turned to decline today. ADA, SUI, DOT, PEPE, AVAX, etc. have all fallen by more than 5%. PEPE actually led the meme coin retracement wave, and BONK, WIF, SHIB, DOGE, PNUT, etc. have also been hit.
In comparison, SOL and XRP have seen slight gains, but BCH has taken the lead from the large-cap altcoins, surging 17% to well over $500. BSV has also seen an impressive 10.3% gain to $76.
Today, the total cryptocurrency market capitalization hit a new all-time high of over $3.330 trillion, an increase of $80 billion in a single day.
Cryptocurrency market overview.
