Bitcoin is currently experiencing a meteoric rise, signaling potential for an even more significant breakout. Recently, Bitcoin soared to an unprecedented all-time high (ATH) of $97,858. This remarkable achievement has led to its market capitalization reaching an astonishing $1.91 trillion, marking a 4.74% increase in just a few hours. Additionally, trading volume has surged by 17.88%, reaching $88.38 billion within the past 24 hours.
The impact of Bitcoin’s historic rally extends beyond its immediate price surge. In just 10 months since their introduction in January, US Bitcoin ETFs have surpassed $100 billion in total assets. On a single day, these ETFs saw an impressive $773 million in inflows as Bitcoin reached a record $97,892. With Bitcoin’s momentum showing no signs of slowing, many are left wondering what factors are driving this bullish rally and how close we are to witnessing Bitcoin hit the coveted $100K milestone.
Trump’s Pro-Crypto Wave Fuels Market Optimism
The bullish sentiment surrounding Bitcoin has been invigorated by President-elect Donald Trump’s plans to bolster the cryptocurrency industry. Discussions surrounding the creation of a White House digital-asset policy position have further amplified market optimism. Trump’s emergence as a leading advocate for cryptocurrency has energized both investors and industry insiders alike.
Caroline Bowler, CEO of BTC Markets, notes, “This price rally is being fed by the frequent pro-crypto news linked to the incoming Trump administration.” In 2024 alone, Bitcoin has surged by an impressive 129%, outperforming traditional assets such as gold and stocks. Since Election Day, US-listed Bitcoin ETFs have attracted over $4 billion in inflows, reflecting growing confidence in the prospect of crypto-friendly legislation.
BlackRock Dominates Bitcoin ETF Inflows
In the realm of Bitcoin ETFs, BlackRock’s IBIT ETF continues to lead the charge, securing a remarkable $626.52 million in inflows on November 20 alone. With cumulative inflows now exceeding $30 billion, BlackRock remains a dominant force in the Bitcoin ETF space.
Other ETFs have also performed admirably, with Fidelity’s FBTC ETF garnering $133.94 million. Meanwhile, ARK’s ARKB and Bitwise’s BITB posted inflows of $9.25 million and $3.77 million, respectively. On November 20, total Bitcoin ETF trading volume jumped to $5.71 billion, marking a significant increase from the previous day’s $4.78 billion.
Ethereum ETFs Face a Different Story
While Bitcoin ETFs thrive, Ethereum ETFs present a contrasting narrative with spot ETFs experiencing outflows for the fifth consecutive day. Fidelity’s FETH led the decline, losing $30.75 million on November 20, while Grayscale’s ETHE recorded $16.29 million in outflows. Despite the bearish sentiment, BlackRock’s ETHA ETF managed to attract $16.74 million in inflows, defying the prevailing trend.
What’s Next for BTC?
As Bitcoin continues its upward trajectory toward the $100,000 mark, it is currently trading at $97,659 after a 5.6% rise in the past 24 hours. In contrast, Ethereum remains relatively stable at approximately $3,107, indicating a pause in its upward movement. Investors are keenly observing the market as Bitcoin maintains its dominance and sets new benchmarks within the cryptocurrency industry.
With Bitcoin breaking past the $97K threshold, the road to $100K seems increasingly attainable. Many analysts are optimistic, predicting that Bitcoin could potentially double by the year’s end. As the cryptocurrency landscape continues to evolve, the question remains: what do you think the future holds for Bitcoin?
