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Bitcoin surged to a new all-time high on Thursday, fueled by optimistic sentiment around crypto markets and the prospect of pro-crypto regulations under U.S. President-elect Donald Trump. The world’s largest cryptocurrency reached $97,792.6 before settling slightly lower at $96,909.4 by early morning trading. This rally places Bitcoin tantalizingly close to the psychological $100,000 milestone, sparking excitement among investors.
Bitcoin’s gains have solidified its position as the outperformer in the crypto market, with most major altcoins exhibiting lackluster movement. While the altcoin rally that buoyed broader crypto markets earlier this year appears to have fizzled, Bitcoin remains the focal point for speculative interest.
Pro-Crypto Sentiment Drives Bitcoin Rally
Optimism surrounding Trump’s pro-crypto stance has been the primary driver of Bitcoin’s meteoric rise. Trump’s election victory in November reignited confidence in the future of cryptocurrencies, particularly after campaign promises to position the U.S. as a global leader in digital assets. Bloomberg reports suggest the president-elect is considering creating a White House role dedicated to crypto regulation, further boosting market sentiment.
Analysts believe Bitcoin could breach the $100,000 barrier if current momentum holds. However, concerns about overbought conditions and the possibility of profit-taking loom, adding a layer of caution to the bullish narrative.
Spot Bitcoin ETF Options Fuel Speculation
Another catalyst for Bitcoin’s rally has been the launch of options trading on BlackRock’s iShares Bitcoin Trust ETF earlier this week. This development has attracted substantial speculative trading, with Bloomberg Intelligence estimating $1.9 billion in notional exposure generated so far. The introduction of ETF options has deepened the integration of cryptocurrencies into mainstream financial markets, providing a new avenue for capital inflows.
Coinbase CEO Sells $300 Million in Shares Amid Rally
Coinbase Global CEO Brian Armstrong made headlines after regulatory filings revealed he sold nearly $300 million in shares this week. The sale comes as Coinbase stock soared to a three-year high, benefiting from the broader crypto market rally and optimism tied to Trump’s election. Coinbase shares have more than doubled in value since the start of 2024, underscoring the strength of the ongoing crypto revival.
Altcoins Show Mixed Performance
While Bitcoin dominates the spotlight, the performance of altcoins has been muted. Ether, the second-largest cryptocurrency by market capitalization, inched up 0.1% to $3,111. Dogecoin, which briefly spiked on speculative interest linked to Trump, slipped 1% to $0.383335, though it remains near its recent three-year highs. Other major tokens like XRP, Solana (SOL), Cardano (ADA), and Polygon (MATIC) recorded modest gains of up to 3% but remain range-bound.
Bitcoin’s march toward $100,000 symbolizes the renewed vitality of the crypto market, but the path forward remains uncertain. With Trump’s regulatory vision still unfolding and market volatility inherent, the crypto sector faces both opportunities and risks in the months ahead.
