Bitcoin reached new heights on Thursday, touching $97,765 in early Asian trading as the cryptocurrency continues its remarkable ascent toward the historic $100,000 mark.
The world's leading digital asset has surged 40% since Donald Trump's presidential election victory, adding over $28,000 to its value. This meteoric rise becomes even more striking when compared to October 2023's price of around $28,000.
Supply dynamics appear to be driving the rally. ETF Store president Nate Geraci highlighted that of the nearly 20 million Bitcoin mined so far, 4-5 million are considered lost, while 1 million remain in Satoshi wallets. Bitcoin ETFs now control approximately 1 million BTC, with MicroStrategy approaching ownership of 400,000 BTC.
Charles Edwards, founder of Capriole Fund, predicts a potential sharp decline as retail investors join the market with FOMO (Fear of Missing Out). He notes substantial selling pressure between $90,000-$100,000 but expects rapid price movement once Bitcoin breaks six figures.
Whale activity remains strong despite elevated prices. One large investor recently acquired 3,289 BTC worth over $300 million from Binance, bringing their total holdings to 25,010 BTC valued at $2.37 billion.
Institutional interest continues growing, with BlackRock's IBIT ETF recording massive inflows of $628 million on Wednesday. Bitcoin's market dominance has reached 61.5%, its highest level since March 2021, pushing the total cryptocurrency market capitalization to a record $3.28 trillion.
Meanwhile, Ethereum trades flat at $3,100, with its Bitcoin ratio dropping to a three-and-a-half-year low. Most altcoins, including popular meme coins like Dogecoin and Shiba Inu, experienced losses as Bitcoin's dominance grows, though many have since recovered some ground.
As Bitcoin inches closer to the psychological $100,000 barrier, market participants eagerly watch whether this milestone will trigger another wave of buying interest from retail investors.