Bitcoin (BTC) is on the verge of shattering a landmark, trading just 1% below $100,000. The cryptocurrency surged past $99,200 earlier today, briefly dipping to $98,600 before holding steady above $99,000 during Asian afternoon hours. With BTC accounting for 56% of the total crypto market cap, the overall market has soared to a record $3.4 trillion, marking a 4.5% increase in the past 24 hours, largely driven by BTC’s 2% rise.
U.S.-based spot Bitcoin ETFs recorded $1 billion in net inflows, with BlackRock’s IBIT leading at $600 million and Fidelity’s FBTC trailing at $300 million. The influx signals strong investor confidence, as none of the eleven Bitcoin ETFs reported outflows.
This BTC rally has ignited bullish momentum across major tokens ahead of the weekend, further buoyed by hopes of a crypto-supportive Trump administration taking office in January. Ethereum (ETH) is up nearly 9%, boosting decentralized finance (DeFi) indexes by 8%. Ethereum-based memecoins like MOG and PEPE are seeing gains of up to 27%.
Solana (SOL) hit new highs above $260, up 8% due to growing U.S. ETF interest and speculative trading on its blockchain. Cardano (ADA) posted a 12% increase, while XRP soared 25%, driven by SEC Chair Gary Gensler’s announcement to step down in January, a move seen as reducing regulatory challenges for U.S.-based tokens.
Market analysts remain optimistic about Bitcoin’s near-term trajectory. QCP Capital noted, “With strong BTC demand and easing global monetary policies, prices are likely to stay supported through year-end. Demand for March and June BTC Calls signals a bullish outlook for 2025.”
Options data supports this sentiment. Deribit’s BTC futures for March, June, and September 2025 are trading above $100,000, with open interest at the $100K strike exceeding $2 billion. A short-term correction near the $100,000 level is possible, but long-term trends remain overwhelmingly positive.
