Bitcoin Edges Closer to $100K Amid Spot ETF Momentum

A New High in the Crypto World

Bitcoin has once again dazzled the financial world, surging to within a whisker of the monumental $100,000 milestone. With a price peak of nearly $98,000 during the early hours of today’s Asian trading session, the leading cryptocurrency continues to rewrite the narrative of global finance.

At the heart of this rally lies an important catalyst: the surging inflows into spot Bitcoin Exchange-Traded Funds (ETFs). These funds now boast a staggering $100 billion in Assets Under Management (AUM), cementing their role as a cornerstone of institutional adoption.

Will Bitcoin Break $100K Today?

Bitcoin’s performance since November 5, following Donald Trump’s victory in the US presidential elections, has been nothing short of electric. After surpassing its previous all-time high of $73,740 from March 2024, the cryptocurrency entered a phase of relentless upward momentum.

Key Milestones:

Breached $80,000 within a week.

Overcame the $90,000 resistance despite notable selling pressure.

Surged to $98,000 today, only 2% shy of the coveted $100K level.

This extraordinary growth coincides with Bitcoin’s expanding market cap, which now exceeds $1.9 trillion. This places Bitcoin as the seventh-largest asset globally, and its dominance within the cryptocurrency market has climbed to an impressive 58%.

Altcoins: Diverging Fortunes

While Bitcoin steals the spotlight, the altcoin market is painting a mixed picture. Many high-flying altcoins, including ADA, SUI, and DOT, are facing sharp corrections, with losses exceeding 5% in some cases. Meme coins like PEPE, SHIB, and DOGE are leading the retracement wave, reflecting a broader cooling in speculative tokens.

However, not all alts are following this trend.

Winners:

Bitcoin Cash (BCH): Soared 17%, trading above $500.

Bitcoin SV (BSV): Posted a solid 10.3% gain, reaching $76.

SOL and XRP: Registered modest gains, defying the broader market trend.

Total Crypto Market Cap Hits Record High

Despite the pullback in many altcoins, the overall cryptocurrency market remains on an upward trajectory. The total market cap reached a new all-time high of over $3.33 trillion, surging by $80 billion in a single day.