Bitcoin (BTC) is nearing its all-time high, trading above $107,000, as analysts anticipate the possibility of breaking a new record in the coming days.
The value of open futures contracts across major exchanges reached $75 billion on Tuesday, a new record that reflects a significant increase in speculative activity and the use of leverage.
This coincided with continued momentum in spot trading markets, where Bitcoin has maintained a level above $100,000 for more than 11 consecutive days, which some traders see as a sign of strong accumulation and demand at these levels.
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Prices of other cryptocurrencies are also moving
Bitcoin was trading at around $107,500 on Tuesday morning, up nearly 1.5% in the past 24 hours, which is less than 3% from its all-time high of $109,241 on January 20, the day Donald Trump was inaugurated for a second presidential term. Prices then fell by almost 30% before recovering in recent weeks.
Meanwhile, Ethereum (ETH) and Solana (SOL) gained 2%, while Dogecoin (DOGE), Cardano (ADA), and XRP rose by 3%.
