Bitcoin has surged past $105,000 for the first time ever, making a new all-time high mere minutes after breaking $104,000. This comes as optimism remains sky-high on the back of a crypto-friendly US presidential administration.
As we reported just last night, President-elect Donald Trump confirmed his plans to back the national Bitcoin strategic reserve proposed by crypto-loving Senator Cynthia Lummis.
Since his election victory in November, Bitcoin has been on a tear, climbing by 50% in just over a month. Investors are betting big on the changes coming under his administration. Trump has made it clear he’s no fan of current SEC Chair Gary Gensler, whose regulatory crackdowns have been a thorn in the side of the crypto community.
The decision to replace Gensler with Paul Atkins, a known crypto ally, has made the market even more bullish. Bitcoin-based ETFs have been a game changer this year, and 2024 has been all about capital flowing in at an insane pace. Just last week, spot Bitcoin ETFs recorded $676 million in inflows.
The derivatives market is also on fire. Open interest in Bitcoin futures and options has hit record levels. Everyone is betting on where it’s headed next, and the sentiment is overwhelmingly bullish.
Altcoins have been left in the dust, with Bitcoin’s market share growing as investors double down on the one crypto they trust the most.
While enthusiasm is high, there are signs of caution. Liquidity clusters around $100,000 suggest some volatility ahead. If prices dip, it’s likely a temporary pullback as the market resets before making another run.
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