Bitcoin just hit a new record high of $105,000! 🚀 The rally comes after its previous high of $104,000, and market optimism is high thanks to the support of the crypto-friendly president-elect. 📈
Bitcoin has risen about 50% in a little over a month since its November election victory. 🤑 Investors are hopeful about the changes that will be brought by Donald Trump, who plans to support a national Bitcoin reserve proposed by Senator Cynthia Lummis.
The decision to replace Gary Gensler, the SEC chairman who was considered less than crypto-friendly, with Paul Atkins, a crypto supporter, has further fueled the bullish market. 📊 This year, Bitcoin-based ETFs have been a game changer with massive inflows, including $676 million in the past week alone.
Derivatives markets are also booming, with open interest in Bitcoin futures and options hitting record levels. 📉 While investor sentiment is high, there are signs of caution as the liquidity cluster around $100,000 suggests potential volatility ahead.
If the price does drop, it is likely to be a temporary adjustment before Bitcoin resumes its next rally. 🔄 Meanwhile, altcoins appear to be lagging behind, with Bitcoin’s market cap continuing to grow as investors increasingly opt for the crypto they believe is strongest. 💪
