- Bitcoin (BTC) sets a new ATH at $89,604.50 and pushes altcoins into bullish action.
- Dogecoin and other prominent altcoins have begun to follow Bitcoin’s pump.
- Analysts explain why the market has started going up today.
Bitcoin’s rally began last week when the pioneer crypto asset broke through its former resistance level around $73,000 and went on to print a new all-time high (ATH) almost daily. In the past 24 hours alone, BTC price is up by 9.53% when the assets surged past its previous ATH set at $81,858 to hit its most recent ATH at $89,604.50.
Meanwhile, in bullish response, most of the top-tier altcoins, led by the first memecoin Dogecoin (DOGE), gained bullish momentum. Therefore, the bullish surge across the entire crypto market has resulted in a rallied total crypto market cap above $3 trillion for the first time since 2021 reigniting the same sentiment of the 2021 glory days of crypto.
Why Bitcoin and Altcoin Prices Surged Today?
As to why Bitcoin and altcoins have begun to surge today, the answer to this question comes from many seasoned analysts who highlight crucial moves int he global financial market as well as the latest moves impacting the global crypto market. For instance, the first is:
Growing Influence of Short Squeeze
Over the last couple of days, over $1.2 billion in forced liquidations swept through the crypto-leveraged market. This move primarily impacted short traders and the wave of liquidations has shifted many short traders to adopt a bullish stance. This resulted in a fueled upward momentum depicting an institutional-driven short squeeze.
Accelerated Institutional Demand
Bitcoin’s recent surge has been largely propelled by heightened institutional demand, as major investors look to profit from the ongoing bull market. Bitcoin’s market cap recently surpassed $1.73 trillion for the first time in three years, spurring interest from traditional assets like Gold and Silver ETFs into BTC.
Notably, U.S. spot Bitcoin ETFs attracted a net cash inflow exceeding $1 billion on Monday, with BlackRock’s IBIT contributing over $760 million of that total, continuing a trend of aggressive acquisition. Meanwhile, MicroStrategy Inc. also announced the purchase of an additional 27,000 BTC, valued at over $2 billion.
Regulatory Certainty Ahead
Bitcoin has experienced strong bullish sentiment following Donald Trump’s recent election victory. According to Senator Cynthia Lummis, the incoming administration is expected to pass the ‘Bitcoin Act’, aimed at positioning Bitcoin as a hedge against national debt within the administration’s first 100 days.
Lastly, Trump has selected billionaire hedge fund investor Scott Bessent as his nominee for Treasury Secretary—a move seen as highly favorable for crypto markets, particularly Bitcoin. With all these market plays, Bitcoin (BTC) is poised to hit $100,000 within the next few days, according to many seasoned analysts.
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