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In summary
- Bitcoin hit a new all-time high of $95,000, with $78 billion traded in 24 hours.
- US spot Bitcoin ETF options contracts contributed to the price increase.
- Analysts predict that Bitcoin could surpass $100,000 before the end of the year, with a possible reach of $120,000 by 2025.
This Wednesday Bitcoin reached a new all-time high price, less than a day after breaking another record.
The asset hit $95,000, with nearly $78 billion in Bitcoin changing hands in the last 24 hours, according to data from CoinGecko.
The bullish price action continues after spot Bitcoin ETF options began trading in the US for the BlackRock iShares Bitcoin Trust (IBIT). The new derivative contracts allow traders to bet on whether—and how quickly—fund shares will rise or fall in price.
Tuesday was the first day of trading on the Nasdaq, with new options contracts recording $1.9 billion in nominal exposure traded on their first day.
It also follows several bullish catalysts for the asset this year, including the approval of US exchange-traded funds (ETFs) by the Securities and Exchange Commission and a Republican victory in the presidential election.
President-elect Donald Trump has promised to promote the growth of the industry through several policy initiatives, including establishing a domestic Bitcoin reserve.
Just yesterday the price of Bitcoin reached a new all-time high above $93,500, and then continued to rise above $94,000, according to data from CoinGecko.
Valentin Fournier, an analyst at trading firm BRN, said Wednesday that the elevated price action supports the firm’s belief that Bitcoin will not only reach $100,000 before the end of the year, but surpass it.
“This confirms our thesis of an accumulation phase before a takeoff at the end of the year,” he wrote. “If this momentum persists, Bitcoin prices could reach $120,000 before 2025, driven by growing retail interest in its strong performance and long-term potential since the US presidential election.”
Edited by Andrew Hayward
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