Cult Of Money

Intersection Of Personal Finance And Cryptocurrency

News

Bitcoin on Brink of $100K as Market Hits Record Highs

•

At The Cult of Money, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners who compensate us. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. We do not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Investing in cryptocurrency and crypto assets is high risk. Don’t invest unless you’re prepared to lose all the money you invest. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. CultOfMoney.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The Cult of Money does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. CultOfMoney.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.
Bitcoin $100kl

Source: Cult of Money

Key Points

  • 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 BTC All Time Price Chart | Source: Coin Market Cap

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.

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.

Don't Miss These Other Stories:

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.

Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors’. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone’s responsibility to ensure all posts and/or questions are answered.

Subscribe
Notify of

0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments