Bitcoin On Brink Of $100K As Market Hits Record Highs
In late November 2024, Bitcoin traded just above $99,000, close to $100,000 for the first time. This story covers that rally as it happened, and a note at the bottom explains what came next.
Quick Take
- Bitcoin’s price is approaching $100,000 for the first time in history, fueling optimism in the cryptocurrency market.
- U.S. Bitcoin ETFs have attracted over $1 billion in inflows, with BlackRock leading the charge.
- Analysts anticipate short-term volatility at the $100,000 threshold but see strong long-term bullish sentiment.
Bitcoin (BTC), the world’s most popular cryptocurrency, is on the brink of a huge achievement, with prices hovering just above $99,000 as of Friday. The digital asset’s massive rise underscores a resurgence in the cryptocurrency market, which has reached an all-time high market cap of $3.4 trillion.
This rally has been bolstered by significant institutional interest. U.S.-listed Bitcoin exchange-traded funds (ETFs) have seen a combined inflow of over $1 billion this week.
BlackRock’s iShares Bitcoin Trust has led the way, accounting for $600 million in purchases, followed by Fidelity’s Bitcoin ETF with over $300 million. The widespread adoption of these products is expanding Bitcoin’s appeal to traditional investors and fortifying the market’s long-term outlook.
The rally extends beyond Bitcoin. Ethereum (ETH), the second-largest cryptocurrency, has surged by nearly 9% in 24 hours, while tokens like Solana (SOL) and XRP have posted double-digit gains. XRP, in particular, jumped 25% following news that SEC Chair Gary Gensler would step down in January, signaling a potential easing of regulatory pressures.
Bitcoin Price Chart as of November 22, 2024. Source: CoinMarketCap
Optimism And Risk
Market analysts remain optimistic about Bitcoin’s trajectory. Futures and options markets suggest continued growth, with contracts expiring in 2025 already pricing Bitcoin above $100,000. Call options at the $100,000 strike price now represent over $2 billion in open interest.
The broader market has been buoyed by macroeconomic factors, including expectations of looser monetary policy from central banks. Meanwhile, political developments in the United States, including the potential for a more crypto-friendly regulatory environment, have further fueled the rally.
However, when any major milestone has been reached previously, it's also been met with heavy selling pressure. As you can see in the price chart above, most of the major peaks were also met with selloffs shortly after.
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What The Future Holds
Bitcoin’s march toward $100,000 highlights its evolution from a niche asset to a mainstream financial instrument.
With institutional adoption accelerating and retail interest reigniting, the stage is set for what could be a transformative era for digital currencies.
What Happened Next
Bitcoin crossed $100,000 in early December 2024, which we covered in Bitcoin Hits $100,000. Gary Gensler left the SEC on Jan. 20, 2025, and Paul Atkins was sworn in as chair in April 2025. Bitcoin set a record near $126,000 on Oct. 6, 2025, and traded at about $78,000 in Cult of Money's Nov. 1, 2026 market snapshot.
About the author
Robert Farrington, Founder And Editor-In-Chief
Robert Farrington is the Founder and Editor-in-Chief of Cult of Money, the leading resource for personal finance for the crypto-curious. Since diving into cryptocurrency in 2016, he has personally researched, tested, and written extensively about Bitcoin, Ethereum, DeFi, NFTs, staking, crypto taxes, and how digital assets fit into real-world financial planning.
He is also the founder of The College Investor (one of the largest personal finance sites) and a Forbes contributor. Robert holds a BA in Political Science and an MBA in Entrepreneurship from UC San Diego.