Bitcoin is nearing a significant milestone with a potential $100,000 valuation, thanks to substantial Bitcoin ETF inflows and strong institutional demand. Despite facing profit-taking pressures at its all-time high of $99,334, Bitcoin has managed to stabilize around $96,000. This rally has seen Bitcoin’s market capitalization surpass that of Saudi Aramco, positioning it as the seventh-largest asset globally, with a peak valuation exceeding $1.9 trillion.
Despite its impressive ascent, Bitcoin has faced challenges with long-term holders taking significant profits, resulting in over 461,000 BTC offloaded since last month’s all-time high. However, the distribution pressures remain manageable compared to past peaks. The broader cryptocurrency market, excluding Bitcoin and Ethereum, has also reached new cycle highs, with Total3 experiencing a 23.2% increase last week.
Major altcoins, such as Solana (SOL), have reached new all-time highs and are nearing the May 2021 peak of $984 billion, suggesting a shift of speculative capital from Bitcoin to altcoins. Regulatory developments include the SEC delaying its decision on Franklin Templeton’s proposed BTC-Ethereum combined ETF and South Korea planning to implement a 20% cryptocurrency capital gains tax in 2025.
Cboe will also launch cash-settled options linked to spot Bitcoin on December 2, further integrating cryptocurrencies into mainstream finance.
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