Bitcoin hits a new all-time high of $93,826.60, boosted by a 3.33% rally and a 7.31% increase in trading volume.
After a 3.33% increase within 24 hours, Bitcoin (BTC) has once again surpassed its all-time peak, reaching $93,826.60 in late trading. Bitcoin’s consistent upward trajectory this November is further bolstered by this surge, which follows a period of constant consolidation.
Specifically, the renewed effort to reach $93,800 has been facilitated by a 7.31% increase in trading volume, which is currently at $73.66 billion. Although BTC has entered active price discovery, the subsequent apex remains uncertain.
It was recently indicated that a “inevitable” 90% BTC price surge is imminent, following a previous CNF update on key Bitcoin metrics.
Wintermute recently shared a tweet in which it was observed that BTC began to climb past $85,000 and soon surpassed the psychological barrier of $91,000. However, it briefly retreated to $86,000 as some investors locked in profits.
Ethereum and Solana Riding the Bitcoin Wave
The altcoin market has been impacted by Bitcoin’s unprecedented performance. Ethereum (ETH) traded at $3,132.50, up 2.3%, while Solana (SOL) increased by 3.03% to $244.28, edging closer to its all-time high of $260.
Additionally, gains have been reported for other prominent altcoins, including XRP, Dogecoin (DOGE), and Cardano (ADA). Analysts maintain that the altcoin season, which has been eagerly anticipated, has yet to commence, which presents an opportunity for even more substantial rallies.
Institutional and Regulatory Confidence Drives Market Optimism
Donald Trump’s election victory and his pledge to establish a regulatory environment that is conducive to cryptocurrency are among the numerous factors that have contributed to the recent rally.
The scarcity of Bitcoin is being perpetuated by institutional actors such as MicroStrategy, as evidenced by its recent acquisition of 51,780 BTC for $4.6 billion.
Furthermore, the increasing confidence in digital assets is reflected in the inflows into spot Bitcoin ETFs, which are positioned to facilitate further upward movement as the market remains in favorable territory.
According to CoinMarketCap data, Bitcoin (BTC) is currently trading at $91,751.54, up 0.38% in the past day and 4.30% in the past week at the time of writing. Please refer to the BTC price chart provided below.
