Key Points
- Bitcoin (BTC) has achieved another all-time high, hitting a trading value of $97,750.
- A market prediction poll suggests there’s an 83% chance of Bitcoin reaching $100,000 before December.
Bitcoin continues to break records, reaching new all-time highs consistently over the past fortnight.
At present, Bitcoin is up by 5.8% in the last 24 hours and is trading at an impressive $97,750.
The market cap of this digital asset stands at $1.93 trillion, representing a 57.9% dominance over the entire crypto market.
Record Trading Volume
Bitcoin’s daily trading volume has also surpassed the $85 billion mark.
This bullish momentum is reflected in a poll on the Polymarket platform, where 83% of participants believe Bitcoin will hit the $100,000 mark before the end of the year.
Alongside Bitcoin’s gains, the global crypto market cap has also reached a new high of $3.33 trillion.
Driving Forces Behind the Surge
Several factors have contributed to the surge in Bitcoin’s price.
The momentum was initially spurred on following the re-election of Donald Trump, known for his positive stance towards cryptocurrencies.
The domination of pro-crypto politicians in the U.S. House of Representatives and the Senate has also led to expectations of more crypto-friendly regulations in Trump’s second term.
Ki Young Ju, the CEO of CryptoQuant, has noted that the current bullish momentum is reminiscent of the 2020 bull run.
One of the key factors behind this is significant whale accumulation, according to Young Ju.
Large over-the-counter transactions, primarily driven by institutions, have caused a steady increase in Bitcoin’s price.
The Bitcoin halving event that took place on April 20th, which reduced the block reward for miners by half, has also necessitated a price rally to keep mining operations profitable.
The most recent catalyst for Bitcoin’s price surge is the introduction of spot BTC exchange-traded fund options in the U.S.
The first investment product to receive approval from the U.S. Securities and Exchange Commission was BlackRock’s iShares Bitcoin Trust.
These spot BTC ETF options are expected to further increase demand for Bitcoin, as they allow investors to better manage their investment risks.