Summary
- Bitcoin just hit a new ATH above $95,700 fueled by multiple factors.
- BTC is racing towards the next crucial level of $100,000 amidst huge optimism in the market.
Fueled by multiple factors and intense optimism in the crypto market, Bitcoin reached a new ATH above $94,700. The coin is sitting on the 7th spot in the Top Assets by market cap, racing towards the important level of $100,000.
Bitcoin Price Reaches a New ATH
Today, Bitcoin reached a new ATH above $94,700. At the moment of writing this article, BTC is trading above $94,600, up by 3% in the past 24 hours.
Earlier, digital assets reached new heights fueled by more factors including renewed inflows in US BTC ETFs, the launch of BTC ETF options in the US, MicroStrategy’s latest announcement to buy more coins, and the massive optimism in the crypto industry regarding establishing Strategic Bitcoin Reserves in the US and other countries, and more.
Factors Supporting the BTC Rally
BTC ETF Flows
On November 18, BTC ETFs recorded over $837 million in inflows, and this week alone, the crypto products saw over $1 billion in inflows, according to SoSoValue data.
So far, BTC ETFs recorded over $28.5 billion in cumulative flows since their January debut. Also, as of November 18, the crypto products had over $98.4 billion in total net assets locked, according to the same data.
BTC ETFs Options
November 18 was also the day when BTC ETFs options trading went live in the US, with IBIT options trading volume having a record-breaking debut at $1.9 billion.
This high number shows increased interest in Bitcoin and related products coming from institutional investors.
MicroStrategy’s Bullish Announcement
It’s also worth noting that earlier today, MicroStrategy announced that it plans to raise $2.6 billion in convertible senior notes and use the proceeds from selling them to buy more BTC, apart from other expenses. The amount was upsized from the previously announced $1.75 billion.
Today, MicroStrategy also managed to secure the 97th spot in the top 100 largest US publicly traded companies, currently having a market cap of $97.8 billion, according to official data.
Upcoming Bitcoin National Reserves
The US could soon see a Bitcoin Strategic Reserve in Pennsylvania and more states, even sooner than the Presidential inauguration of Donald Trump in January 2025 – another optimistic injection to the crypto industry.
El Salvador is another country that already has a national BTC Treasury, and they continued buying BTC on a daily basis, despite the market volatility. Now, the country owns over $560 million in BTC.
Bitcoin Surpasses Visa, Mastercard, and JPMorgan Combined
The latest Bitcoin rally has sent the digital asset’s market cap to over $1.87 trillion, surpassing Visa, Mastercard, and JPMorgan combined.
JPMorgan has a market cap of $678 billion, Visa has a market cap of $607 billion and Mastercard’s market cap is $516 billion.
Bitcoin, on Its Way to Break $100,000
Considering all the factors mentioned above, Bitcoin is well-positioned on the path to breaking $100,000 sooner than expected.
CryptoQuant’s CEO, Ky Young Ju shared a post by Binance’s co-founder, Changpeng Zhao, dated May 21, 2021, in which he was saying: “Slap yourself if you sold BTC under $100,000.”
Previously, in 2019, CZ was telling people the same thing but regarding the $10,000 price level.
The scenery is set for a massive breakout for Bitcoin and the entire crypto industry in this Q4 of 2024, and beyond.