BTC Price Aims at $100K as Spot Bitcoin ETF AUM Exceeded $100B (Market Watch)

Another day, another all-time high for bitcoin, which came just two grand away from tapping the coveted $100,000 price tag.

At the same time, many altcoins have turned red, including ADA, SUI, and numerous meme coins, unlike other alts with a connection to bitcoin.

Will $100K Fall Today?

It has been nothing short of a mind-blowing few weeks ever since Donald Trump won the US presidential elections on November 5. Since then, the primary cryptocurrency broke its March 2024 all-time high of $73,740 and didn’t really look back.

It skyrocketed past $80,000 in the following week and did the same to the $90,000 resistance. Although it faced some bears prepared for a fight at that point, it overcame the odds and started a new rally at the start of the current business week.

At first, it tapped $94,000 to register another peak but kept climbing in the following days and broke above $95,000 yesterday. During the early hours of the Asian trading session, it skyrocketed to nearly $98,000, thus coming just 2% away from $100,000.

This came amid the growing inflows toward the spot BTC ETFs, which now have over $100 billion in Assets Under Management, according to SoSoValue.

With a market cap of well above $1.9 trillion, bitcoin is now the seventh-largest asset in the world. Its dominance in the crypto market has risen as well to 58% on CG.

BCH, BSV on the Rise

Most of the recent high-flying alts have turned red today. ADA, SUI, DOT, PEPE, AVAX, and others have all dropped by over 5%. PEPE actually leads the meme coin-retracement wave that has also hit the likes of BONK, WIF, SHIB, DOGE, PNUT, and others.

In contrast, SOL and XRP have charted minor gains, but BCH has taken the main stage from the larger-cap alts, having surged by 17% to well above $500. BSV has also charted an impressive surge of 10.3% to $76.

The total crypto market cap registered a record of its own at over $3.330 trillion today, rising by $80 billion in a day.