Bitcoin, the leading cryptocurrency, hit a new record high of $94,000 last night, continuing its strong upward trend. This jump brings Bitcoin very close to the $100,000 level that analysts predict it will reach before the end of the year.
Currently, Bitcoin is trading at $93,319, which is a 1.7% increase in the past 24 hours. It’s still going strong, just a little below its recent peak.
The global crypto community celebrated this big milestone, with people sharing everything from excited memes to detailed technical discussions.
Crypto trader Aaron Dishner explained the price jump, saying on Twitter:
“Bitcoin hit a new record high above 94,000 USDT, but it’s still facing a tough spot at the 1.618 Fib level. The #RSI has been showing a warning sign for 14 days now, meaning we should be careful even though the market is still strong in terms of volume, OBV, and the rising #TBO Slow line.”
Blackrock, a major international financial company, recently introduced its Bitcoin ETF product, called IBIT, on the Nasdaq stock exchange. This action greatly helped increase Bitcoin’s value, pushing its trading volume to $85 billion and its total worth to $1.8 trillion.
James Seyffart, an ETF analyst from Bloomberg Intelligence, pointed out that IBIT’s launch attracted 289,000 call options and 65,000 put options in just one day, showing strong interest in Bitcoin. Seyffart believes this high level of activity is connected to Bitcoin reaching a new record.
Eric Balchunas, another analyst from Bloomberg, compared IBIT to the SPDR Gold Trust (GLD), a product started 20 years ago that is now worth $5 billion.
The Bitcoin surge has lifted other alternative coins:
- Ethereum is expected to hit $4,000 by the end of the year.
- Solana has jumped 15.3% in the past week and is now trading at $237.46.
