Catenaa, Thursday, November 21, 2024-Bitcoin hit a record high of $95,000 on Coinbase late Wednesday, marking the cryptocurrency’s first-ever breach of this milestone. The digital asset, which has surged 40% in the past month, is up 110% in 2024 alone.
The rise comes amid growing institutional acceptance, with the recent approval of options on Bitcoin ETFs seen as pivotal in positioning Bitcoin alongside stocks, bonds, and commodities.
BlackRock’s iShares Bitcoin Trust (IBIT) launched options this week, marking a significant development in the crypto market. Analysts noted that $1.9 billion in options were traded on the first day, contributing to Bitcoin’s latest price surge.
The post-election momentum is also driving the rally. After Donald Trump’s victory over Vice President Kamala Harris in the U.S. presidential election, speculation grew that the incoming administration may establish a position dedicated to crypto policy, marking a potential first for the White House.
Experts predict that Bitcoin could soon breach the $100,000 threshold, with many expecting this to happen within the next two months. As institutional investors show growing interest, Bitcoin’s rise shows no signs of slowing, with retail investors also starting to take notice.
At the time of publication, Bitcoin was trading at approximately $95,000, up 2.9% in the past 24 hours. The GMCI 30, which tracks the top 30 cryptocurrencies, was up 0.18%.
