Bitcoin Nears $100,000 Mark with Slowing Momentum
Bitcoin is inching closer to the $100,000 mark, though its momentum has slowed. It clinched another record on Thursday at $99,500, dipping below $99,000 heading into the U.S. open. BTC has risen 1% over the past 24 hours, while the broad-market CoinDesk 20 Index gained over 7%. Most alternative cryptocurrencies (altcoins) in the CD20 outperformed BTC, an early sign of capital rotation into smaller, riskier tokens as bitcoin’s pace stalls.
The $100,000 price point poses a significant resistance level, where investors might take profits on their investments. Still, there’s a possibility of BTC rallying to $115,000 by Christmas, supported by broadening stablecoin supply, inflows into ETFs and bullish options positioning on BlackRock’s spot BTC ETF (IBIT), 10x Research said in a Friday note.
As bitcoin continues its upward trajectory, reaching new highs and breaking records, the cryptocurrency market remains volatile yet full of potential for investors. The anticipation of hitting the $100,000 mark has created a buzz within the crypto community, with many speculating on what lies ahead for the leading digital asset.
With the market showing signs of capital rotation and a shift towards smaller altcoins, investors are keeping a close eye on how bitcoin’s performance will impact the broader landscape. As we head into the holiday season, all eyes are on BTC and its potential to continue its ascent towards new milestones.