Bitcoin Soars Beyond $98,000, Nearing the Historic $100K Milestone
Bitcoin soared to unprecedented heights on Thursday, shattering the $99,000 barrier for the first time. This surge marks a significant extension of the post-election rally. The premier digital asset traded as high as $99,046.94 before stabilizing around $98,273, representing a daily gain of over 4%.
This surge continues Bitcoin’s remarkable 130% gain for 2024. The cryptocurrency has added over 40% in just two weeks since the U.S. presidential election. Market analysts attribute this rally to expectations that the incoming Trump administration will introduce more crypto-friendly regulations and potentially establish a national strategic bitcoin reserve.
Despite the euphoric gains, crypto-related stocks experienced mixed performance. Coinbase declined by 7.7% and MicroStrategy dropped by 16.2% as investors took profits. The rally was triggered by increased funding rates and open interest in the futures market during Asian trading hours. This positions Bitcoin at the threshold of the psychologically significant $100,000 level.
Source: CNBC