Bitcoin‘s November price momentum continues and the coin is getting closer to the $100,000 mark. This Tuesday, in a day marked by volatility, the token established a new all-time high of $93,980 per unit.
Although the coin approached $94K, it was a brief boost that was followed by a sharp pullback. At the time of writing, CoinMarketCap data shows a BTC price above $92,000. This translates to a return of +1.90% within 24 hours.
The volatility of the largest Cryptocurrency was also reflected in the prices of the rest of the alternative currencies. These rose rapidly and then experienced a notable collapse that worsened during the last hours. This case was analogous in some memecoins such as Dogecoin. The dog token rose from $0.38 to almost $0.42.
It is worth noting that the reason for this sudden Bitcoin price rally was related to the BTC spot ETFs. During this day these stock market products began with options trading. The latter constitutes a step of great importance for the entire crypto market as a whole.
Bitcoin price set new ATH at almost $94K this Tuesday. Source: CoinMarketCap
Bitcoin price reflects a paradigm shift
Although the price of BTC has relatively stagnated in recent days, the enthusiasm of analysts does not seem to diminish at all. Some of them affirm that the November rally is just a first manifestation of what will be a bull run of enormous dimensions.
Among these enthusiasts is the head of Galaxy Digital, Mike Novogratz. The businessman assures that this significant increase in BTC is a reflection of something bigger. In his opinion, this is a paradigm shift in the world of finance with the incorporation of digital currencies.
Despite this, he highlighted that there are still some risks that are latent for investors. «That’s a great story. It will be interesting to see how quickly retail starts to take off. “We are in a paradigm shift,” he wrote in X.
Although Bitcoin ETF options are the main catalyst for this Tuesday’s rally, they are not the only positive development. Recently, the MicroStrategy firm announced a new multi-million dollar purchase of BTC, which reinforced the positive sentiment of the entire crypto market.
With all these elements in perspective, it can be said that the goal of $100K for the price of Bitcoin seems almost certain for 2024. The latter is assumed by MicroStrategy’s own executive president, Michael Saylor. A few days ago, the businessman stated that it would be a surprise if BTC did not reach $100,000 before the end of the year.
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