Bitcoin Hits $98,000, Setting New All Time High Record

Bitcoin currently has the crypto world in a frenzy— and deservedly so. The cryptocurrency currently sits at a price of $98,000, leaving traders and investors brimming with optimism. 

Bitcoin has surged by over 5% in a matter of 24 hours with a 24h trading volume of $5.87 billion and market capitalisation of $1.94 trillion. 

Bitcoin’s new all time high record could be attributed to the United States Commodity Futures Trading Commission’s (CFTC) approval of spot Bitcoin ETF options and Trump’s consideration of a crypto advisor in the White House.

The appointment of a cryptocurrency advisor is poised to revolutionise crypto policies in the United States and promote seamless collaboration between government financial agencies. 

Currently possessing a market dominance of over 60%, its highest level since February 2021, Bitcoin is calling the shots in the crypto market and drawing significant liquidity to itself.

Ethereum, on the other hand, has experienced a marked drop in market dominance, going from 13.8% in the previous month to 12.51%.

Despite this drop in market dominance Ethereum has seen a remarkable price increase of 8.12% in the past 24 hours and at the time of writing, trades at $3,324.51.

While Bitcoin has been soaring, other altcoins have not experienced a particularly impressive growth and memecoins specifically have been noted to be dumping in price.

Why might this be happening? Looking at crypto market trends, it has been observed that when Bitcoin rapidly increases in market dominance, memecoins tend to reduce in price.

However, this is a key indicator of the start of a new memecoin cycle. It is expected that when the price of Bitcoin stabilises, memecoins will begin to gain momentum and pump massively. 

Some analysts predict BTC will climb to $130,000 before the year runs out, while a few others say they expect a retracement to ~$95,000.