Bitcoin (BTC) has surpassed another historic milestone, reaching a new all-time high (ATH) of $93,826.60. This achievement followed a week of consolidation during which the price remained above the critical level of $89,000. Over the past 24 hours, Bitcoin has risen by 3.33%, marking this new record.
What’s Driving Bitcoin’s Price Surge?
Since the beginning of November, Bitcoin has consistently set new records. After hitting the $85,000 ATH, the price broke through the psychological barrier of $91,000. However, following profit-taking by investors, the price briefly retreated to $86,000.
The latest surge to $93,000 comes with a significant increase in trading volume, now at $73.66 billion. Over the past 24 hours, BTC has traded in a range between $89,765 and $93,826. Currently in a "price discovery" phase, it remains uncertain how much further Bitcoin can climb.
Key factors driving this growth include:
Impact of Donald Trump’s U.S. election victory, which has raised hopes for clearer regulatory policies.
Increased institutional interest, fueled by major purchases such as MicroStrategy’s acquisition of 51,780 BTC worth $4.6 billion.
Market scarcity, driven by rising demand, especially due to Bitcoin ETFs attracting significant capital inflows.
Altcoins Benefit from Bitcoin’s Momentum
As Bitcoin surpasses the $93,000 level, some major altcoins are also enjoying a rally.
Ethereum (ETH): While ETH remains 35.9% below its ATH of $4,891.70, it has gained 2.3% in the past 24 hours to reach $3,132.50.
Solana (SOL): It is up 3.03% to $244.28, nearing its ATH of $260.
Other altcoins, including Cardano (ADA), Dogecoin (DOGE), and XRP, have also recorded gains.
Despite these advances, analysts suggest that the real "altcoin season" has not yet begun. However, current market trends indicate the potential for further altcoin gains if Bitcoin’s growth continues.
Summary
Bitcoin has reached a new ATH of $93,800, driven by institutional interest and optimism about the future of cryptocurrencies. Altcoins like Ethereum and Solana are riding this wave of growth, even though the true altcoin season is yet to start. The coming weeks will be crucial for determining the next phase of price movements in the cryptocurrency market.
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