Bitcoin soared to a record high of $97,902 on November 21, 2024, fueled by optimism about a more crypto-friendly regulatory environment under President-elect Donald Trump. Investors speculated that Trump’s promises to support digital assets would lead to less restrictive regulations, sparking a resurgence in the cryptocurrency market. This rally was further bolstered by news that Trump’s social media company, Truth Social, was in talks to acquire crypto trading firm Bakkt, backed by the NYSE’s Intercontinental Exchange. Consequently, Bitcoin’s value has more than doubled in 2024 and is nearing the $100,000 mark. The global cryptocurrency market surpassed a $3 trillion valuation, with some UK market vendors reporting increased sales from Bitcoin payments. While Bitcoin’s volatility has limited its use as a mainstream payment method, its recent gains suggest it may be on the cusp of broader adoption. Pro-crypto lawmakers in the U.S. Congress further support this trend.
Bitcoin Price Nears $100K Again as U.S. Traders Resume Activity Post-Thanksgiving
Bitcoin’s price premium on Coinbase rebounded after flipping negative during the recent pullback, suggesting that American traders may be driving the rally.
- Bitcoin reaches $98,700, marking a 3.3% increase in a widespread cryptocurrency rally.
- BTC futures on the CME exceeded $100,000 briefly for the second time, following last week’s initial surge, indicating robust institutional involvement.
- Bitcoin miners BTDR, MARA, and RIOT experienced significant gains, surpassing the performance of crypto-related stocks COIN and MSTR.
Bitcoin ATM technical issue support
A week after its initial attempt, Bitcoin (BTC) is nearing the $100,000 mark again this Friday, driven by a surge in crypto prices as U.S. traders resumed activity following Thanksgiving.
During early U.S. hours, the CoinDesk Bitcoin Index reached a session high of $98,690, marking a 3.3% increase in the past 24 hours. Meanwhile, the broad-market CoinDesk 20 Index surged by 6.2% in the same period, suggesting that altcoins spearheaded the rise. XRP, ADA, RENDER, and HBAR all recorded double-digit gains throughout the day.
Traditional U.S. markets have a shortened session today after being closed for Thursday’s holiday. U.S.-listed bitcoin miners, which don’t always rise with bitcoin prices, are trending upwards. Bitdeer (BTDR) led the gains with a 15% advance, hitting a new all-time high above $14. Major miners like MARA Holdings (MARA) and Riot Platforms (RIOT) also saw increases of 5%-10% in the first hours of trading. Meanwhile, crypto equities such as Coinbase (COIN), MicroStrategy (MSTR), and Semler Scientific (SMLR) lagged behind the miners.
Bitcoin futures on the Chicago Mercantile Exchange (CME) briefly exceeded the $100,000 mark during the day before slightly retreating, according to TradingView data. This marks the second time the milestone has been reached after initially hitting it last Friday.
The price premium on futures compared to the spot market indicates strong institutional involvement, with open interest in Bitcoin CME futures at an all-time high.
The Coinbase Price Premium, which compares the BTC spot price on Coinbase to that on the offshore exchange Binance, also returned to positive territory after Bitcoin fell below $91,000 earlier this week. This premium highlights that the rally is mainly driven by U.S. market participants.
“Judging by order size, Coinbase whales are driving this Bitcoin rally,” said Ki Young Ju, CEO of Crypto Quant, in a post on X. Bitcoin ATM technical issue support
