Key Takeaways:
- Bitcoin surpassed the $97K mark and hit a new all-time high of $97,862.6392.
- Rumors of Trump’s acquisition of Bakkt and BlackRock options trading were the key factors responsible for this bitcoin surge.
- As per experts’ opinion, BTC is likely to cross the $100,000 mark on the coming Monday, November 25.
Bitcoin, the world’s first cryptocurrency, is currently making a huge surge in the market. The coin has recently hit a record high of $97,000 today. Yesterday marked enormous growth for the famous cryptocurrency with a growth surge of 4.44% in the past 24 hours. With the coin continuing to break records in the market, almost everyone is wondering the same thing: how long will this ongoing rally last? Is it enough to cross the $100K mark? In this article, we will look into exactly this and additionally, we will also look into the coin’s future in the upcoming days.
Bitcoin Current Market Standing
Bitcoin is ranked #1 in the crypto market based on its market capitalization. The famous coin’s bull run in the market commenced following the US Presidential election and Trump’s victory. As Trump already endorsed Bitcoin during his campaign, his victory played a significant role in the Bitcoin Bull run. At the beginning of the bull run, BTC was trading at $68K. With a growth rate of almost 45%, the token’s current market value stands at $97,472.60. With a daily uptrend of 4.30%, the coin is showing no signs of slowing down anytime soon.
The coin’s all-time high, which was around $81K during the beginning of the rally has surpassed in a matter of days. The current all-time of the coin is $97,862.6392, which was registered today, 21st November. With a total circulating supply of 19.79 million tokens, the market capitalization of BTC has already crossed $1.93 trillion. If the trends in the market continue to favor the coin in the coming days, we can expect a further surge in the price of the coin in the coming days.
Factors Influencing The BTC Rally
The sharp rise of the token in the market is driven by several major developments in the crypto world. Here, we will look at a few of the major reasons behind the ongoing BTC surge in the market. They are listed as follows.
- Donald Trump & Bakkt acquisition rumors
Various reports have been circulating regarding Donald Trump trying to acquire Bakkt, a famous crypto-trading company. As per this report, Trump Media and Technology Group is extremely close to an all-stock acquisition of the trading platform. This news spread like wildfire in the crypto market and had a positive impact on the BTC, renewing the interest of the coin among investors.
- Options Trading Introduction
The inception of options trading for BlackRock’s iShares Bitcoin Trust into the Nasdaq has significantly helped boost the overall market sentiment of the coin. With around 354,000 contracts traded and $1.9 billion in notional exposure during its debut, this marks the growing interest for the original cryptocurrency in the market.
- Mainstream Adoption
Bitcoin’s current rally in the market marks its shift towards mainstream adoption. As the coin even gains the attraction of retail investors and large financial institutions, it is acting as a stepping stone to becoming a part of the global investment community.
- Institutional Inflows
Since Trump emerged victorious in the US Presidential Election, the inflows from various US spot Bitcoin exchange-traded products have risen to approximately $4.2 billion. This represents 15% of the total inflows since the introduction of such products into the US exchanges.
When Will Bitcoin Cross The $100K Mark?
As Bitcoin’s ongoing bull run progresses, many crypto enthusiasts are wondering the same thing: When will the BTC token cross the $100 mark? Bitcoin will definitely reach the $100,000 mark. That has become a sure thing the moment BTC broke above the $93K as this was considered the break-even point for the coin. With the way the coin is soaring in the market, various experts are claiming that this mark will most likely be crossed in the coming days.
As per the opinions of various tier-1 analysts and expert investors, the coin will cross the $99,000 mark by Sunday, November 24. The $100,000 mark will most likely be broken by BTC the very next day following this milestone.