Bitcoin reaches new record high of USD93,800
Date
11/20/2024 3:22:14 AM
(MENAFN) Bitcoin reached a new all-time high of USD93,800 on November 19, surpassing its previous record set just six days earlier, according to data from CoinMarketCap. This milestone comes amid growing enthusiasm in the cryptocurrency market, as Bitcoin continues to gain traction with investors. The surge reflects increased demand and interest in the digital asset, further solidifying its position as a leading cryptocurrency.
Bitcoin exchange-traded funds (ETFs) in the United States saw significant inflows, with a net USD255 million flowing into these funds on November 19. This strong performance helped recover losses from the previous two days, showcasing investor confidence in Bitcoin’s continued growth. The ETF inflows highlight the increasing institutional interest in the cryptocurrency space, which is helping to fuel Bitcoin's price increase.
While Bitcoin is breaking records, the overall cryptocurrency market is also experiencing positive movement, though with mixed results for other major coins like Ethereum, Dogecoin, and Ripple. These altcoins are seeing some volatility, reflecting the broader market sentiment. However, Bitcoin remains the dominant force in driving market gains, attracting attention from both retail and institutional investors.
In the options market, there are increasing bets that Bitcoin will surpass the USD100,000 mark by the end of the year. This optimism is fueled by various factors, including the political climate in the US after Donald Trump's victory in the presidential election, as well as the growing support for cryptocurrencies in Congress. Investors are betting on Bitcoin's continued rise as regulatory clarity and broader acceptance in financial markets build momentum.
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