Bitcoin smashes $92,000, $100,000 target looms
On Wednesday, November 13, 2024, at 15:02 UTC, Bitcoin hit a new high of $92,559 on major exchanges, setting a new record. This remarkable surge brings the year-to-date performance to an astounding 117%, or a 6.91% rise over the previous day.
With Bitcoin dominating the market at 59.6%, the overall cryptocurrency market capitalization has now crossed $3.02 trillion.
Donald Trump's triumph in the US presidential election set off a rise that is still going strong, including this new optimistic phase. Because of this positive political climate for the cryptocurrency industry, institutional investors have significantly raised their exposure to Bitcoin.
The capital inflow is especially evident from the record-breaking trading volumes on the major platforms, which show that both individual and institutional investors are still interested.
Bitcoin is shown its tenacity by reaching new highs following a brief consolidation around $90,000. A strong bullish trendline has formed, according to technical analysis, with $85,200 serving as critical support.
The price is still above the 100-hour simple moving average, and technical indications are still mostly favorable. This advantageous technological configuration suggests the possibility of an extension of the movement towards $100,000, a major psychological level now within reach.
Bitcoin has reached a new all-time high of $92,559 as it continues its explosive ascent. The top cryptocurrency has already reported a 117% growth since the year began, which coincides with this amazing performance.
Notably, Ethereum, the second-largest cryptocurrency by market capitalization, has performed more modestly throughout this surge of Bitcoin, rising by only 1.25% in a 24-hour period but by 25% in a week. It currently stands at $3,290.
In summary, the market's capacity to hold onto present support levels—specifically, the $85,000 region, which analysts believe is critical to the continuation of the bullish movement—will determine how long this rally lasts.