As a seasoned researcher who has witnessed the meteoric rise of Bitcoin from its humble beginnings, I must admit that this recent surge to nearly USD 100,000 has left me both awestruck and exhilarated. The crypto market is like a rollercoaster ride, and we’re currently hurtling towards the summit with no signs of slowing down.
In simple terms, the value of Bitcoin (BTC) has reached an unprecedented level on Friday morning, surpassing $99,000 for the first time and establishing a brand new record high. As of now, Bitcoin is nearly at the $100,000 threshold, exchanging hands at approximately $98,780.79.
The total value of cryptocurrencies is currently soaring, reaching an astounding USD 3.4 trillion, which exceeds France’s annual gross domestic product (GDP) of around USD 3.17 trillion. In just the past 24 hours, Bitcoin has experienced a 4.8% growth spurt, rising from approximately USD 96,000 to nearly USD 99,200.
Just like Bitcoin, other significant digital currencies such as Ethereum (ETH) and Solana (SOL) have experienced substantial increases in value. Specifically, Ethereum climbed by 9% while Solana saw an impressive jump of 11.4%. Conversely, Tether (USDT) showed minimal change with a nearly stationary price movement.
The surge in this rally can be primarily traced back to multiple reasons such as:
According to Edul Patel, the CEO of Mudrex, Bitcoin currently encounters significant resistance at approximately $99,950. If it manages to break through this barrier, we could potentially see Bitcoin surpassing the $100,000 mark. Meanwhile, a solid support level holds steady at around $95,000.
Besides Bitcoin, other digital currencies such as Dogecoin, Cardano, Monero, and several others have also seen substantial price hikes. Although Bitcoin’s influence has slightly diminished, coins like Ethereum and Solana saw a rise of up to 25% within a single day.
The crypto market continues to grow strongly, with many eyes on Bitcoin’s next big move.
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2024-11-22 08:52