Bitcoin, the flagship cryptocurrency, has hit a new record high of $89,123. This is a 9.4% rise in just the last 24 hours and a huge 29.6% jump over the past week, according to Coingecko’s information.
The bull run in Bitcoin started around the time of the US election and got even stronger after Donald Trump won. However, experts are saying that this big rise might not last long and could be followed by ups and downs. They are warning traders to be careful with price fluctuations.
Azeem Khan, co-founder of Morph, said, “Now that Bitcoin has passed $85,000, everyone is really excited. It’s hard to predict what will happen next… since we’re still in the early stages of this excitement, I think we’ll soon see people who don’t usually care about crypto asking us which tokens to buy.”
Analysts from QCP Capital agreed with Khan’s view, stressing the importance of being careful because of big jumps in perpetual funding rates and basis yield, which suggest people are borrowing too much.
Bitcoin’s total value has reached $1.7 trillion, making it more popular than other coins with 55.4% of the market. Analysts predict Bitcoin could hit $100,000 by the end of the year.
