Bitcoin hits ATH of $97,750 with $100,000 in sight
There is heightened optimism that Bitcoin could hit $100,000 by December, as reflected in a Polymarket poll.
Bitcoin has surged 5.8% in the past 24 hours, reaching a new all-time high (ATH) of $97,750. Its market cap now stands at $1.93 trillion, holding a dominant 57.9% share of the crypto market. Trading volume has also exceeded $85 billion, reflecting the strong bullish momentum.
A poll on Polymarket suggests Bitcoin has an 83% chance of hitting $100,000 before December, further fuelling optimism. This price surge has contributed to the global crypto market reaching an ATH of $3.33 trillion. Additionally, pro-crypto figures in the US government raise expectations of crypto-friendly regulations under a potential second term for Donald Trump.
CryptoQuant CEO Ki Young Ju likened this year’s momentum to the 2020 bull run, citing strong whale accumulation and significant over-the-counter deals as major factors. He also pointed to the Bitcoin halving in April, which reduced miner rewards and pushed prices higher to ensure miner profitability.
The recent launch of spot Bitcoin exchange-traded fund (ETF) options in the US has further boosted Bitcoin’s price, with BlackRock’s iShares Bitcoin Trust receiving approval from the SEC. The introduction of these ETFs is expected to increase demand, allowing investors to better manage risk while participating in the Bitcoin market.
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