Bitcoin Nears $100,000, 'Momentum Could Continue Well Beyond The Milestone,' Experts Note

Benzinga2024-11-22

As Bitcoin BTC/USD rapidly approaches the $100,000 milestone, experts tell Benzinga its dominance is about to hit a crucial turning point. They attribute this rise to record-breaking trading volumes,...

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","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4601":"加密货币现货ETF","BK4585":"ETF&股票定投概念","BK4588":"碎股","BK4178":"家庭装饰零售","BK4594":"比特币ETF概念"},"translate_title":"专家指出，比特币接近10万美元，“势头可能会继续远远超过这一里程碑”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"As Bitcoin BTC/USD rapidly approaches the $100,000 milestone, experts tell Benzinga its dominance is about to hit a crucial turning point. \nThey attribute this rise to record-breaking trading volumes, increasing institutional adoption and a shift in investor focus toward Bitcoin as a quality asset.\nWhat Happened: Bitcoin is trading just below $99,000 at the time of writing, after hitting a record high of $99,486 late Thursday, according to data from CoinGecko.\nIn a note sent to Benzinga, Sumit Gupta, co-founder of CoinDCX pointed to the sharp increase in trading activity as a major driver, with daily spot trading volumes exceeding $25 billion and peaking above $40 billion, a significant rise from the $10-12 billion seen just months ago.\n“The surge has been further fueled by developments in the U.S. political landscape. Digital assets have already benefitted from the incoming administration of President-elect (Donald) Trump, with many anticipating that his potential second term could bring more favorable regulatory policies for the crypto sector,” he said.\nSpeculation surrounding the resignation of SEC Chair Gary Gensler and the potential for more crypto-friendly leadership has further boosted investor sentiment, he added.\nAlso Read: MicroStrategy Surges 674% In 2024: 5 ETFs That Benefit From MSTR’s Bitcoin-Driven Growth\nAvinash Shekhar, co-founder and CEO of Pi42, said Bitcoin now accounts for 58% of the total cryptocurrency market cap, which has surged to $3.2 trillion. \n\"As we approach this critical milestone, the market's focus is shifting toward BTC as the dominant force,\" Shekhar added.\nAccording to 10x Research, robust liquidity inflows remain a key factor driving Bitcoin's rise.\nTether USDT/USD and Circle USDC/USD minted $10 billion and $3 billion respectively in the past month, contributing to an overall minting impulse of $7 billion on a 7-day rolling basis.\n\"This relentless liquidity is a major driver of the crypto market's momentum,\" the firm noted. \nAnalysts at 10x Research believe that Bitcoin could reach $115,000 by Christmas, with December's historical average return of +9.1% providing a strong basis for further gains. \n\"Bitcoin's upward momentum could continue well beyond the $100,000 milestone,\" the report concluded.\nRead Next: \n\nStrategic Bitcoin Reserve Wouldn’t Require New Taxpayer Dollars, Says Sen. Cynthia Lummis\n\nImage: Shutterstock Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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