Some major altcoins have also started riding the bullish wave alongside Bitcoin. Solana (SOL), the fourth-largest cryptocurrency by market cap, has also surged to a new record high of $262. The token is up by roughly 27% on the weekly basis.
The SOL token is surging higher amid growing ETF buzz. On Tuesday, it was reported that there are ongoing talks between the SEC staff and issuers that are vying to launch a spot Solana ETF in the U.S. There is a "renewed sense of optimism" that such a product could be approved by the SEC next year. Now, exchanges are expected to submit 19b4 filings in the coming days.
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Bitcoin, the leading cryptocurrency, recently hit a new record high of $99,261, according to data provided by CoinGecko.
Asreported by U.Today, Galaxy Digital CEO Mike Novogratz recently opined that Bitcoin hitting $100,000 was "inevitable." However, he also warned that the crypto market is likely to experience a price correction due to high leverage.
Polymarket bettors now see a 91% chance of Bitcoin surpassing the much-coveted $100,000 mark this November.
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Ethereum (ETH), which has been severely underperforming the crypto king throughout 2024, is also seeing some love from investors. The flagship altcoin is up by more than 8% over the past 24 hours.
David Cox, portfolio manager at Raymond James, hasnoted that Ether remains in a downtrend against Bitcoin despite its recent gains.
Some of the other notable performers include Cardano (ADA) and Stellar (XM), which have surged by 12% and 19.7%, respectively.
According to analytics platform Santiment, November profits are expected to continue redistributing to altcoins as long as the Bitcoin price remains above the $95,000 level.
