Bitcoin Nears $100K As Crypto Market Hits $3.4 Trillion

Bitcoin Nears $100K as Crypto Market Hits $3.4 Trillion.

NAIROBI (CoinChapter.com)— Bitcoin Nears $100K as it trades at $99,197.74 on Nov. 22, 2024, just $800 shy of the historic milestone. The cryptocurrency’s steady rise has captured global attention, with the total crypto market capitalization reaching a record $3.4 trillion.

ETFs Drive Bitcoin Surge Amid Institutional Demand

U.S. spot Bitcoin exchange-traded funds (ETFs) have seen over $1 billion in inflows, driven by institutional interest. BlackRock’s IBIT led with $600 million in purchases, followed by Fidelity’s FBTC at $300 million.

Bitcoin Net Assets Hit $105.91B, Inflows Surge. Source: Sosovalue

The influx has strengthened Bitcoin’s position, bolstered by expectations of a pro-crypto Trump administration set to take office in January. Mike Novogratz, CEO of Galaxy Digital, called the rally “just the start,” emphasizing Bitcoin’s limited supply and increasing global demand. However, he also warned that speculative behavior might lead to corrections.

Bitcoin Nears $100K Amid Price Discovery Surge. Source: X

However, Bitcoin futures and options are still trading with Deribit data available, exhibiting open interest above $2 billion for the $100,000 BTC calls. Futures contracts for March, June, and Sept. 2025 already trade above $100,000, indicating long-term optimism.

Greed Index Hits 76%, Driving Speculative Trading

Currently, sentiments are optimistic hence the Fear and Greed Index is at 94%. Markets are also witnessing the traders levering their potential by employing tools like future contracts. As for Coinglass, the number of open positions in Bitcoin hit $62. 693 bln indicating growing speculative nature of trading.

Crypto Market Sentiment Hits Extreme Greed at 94. Source: Alternative.me

Despite Bitcoin’s dominance, altcoins are showing mixed performance. Ethereum (ETH) rose by nearly 9% in the past 24 hours, while DeFi indexes jumped 8%. XRP rose by 25% to lead other tokens higher, as news broke that SEC Chair Gary Gensler would be resigning.

Solana (SOL) and Cardano (ADA) also increased by 8% and 12%, respectively. Nevertheless, the majority of altcoins seem to have failed to recover their yearly highs.

Bitcoin is just steps away from the $100,000 mark, with strong demand and active trading pushing prices higher. Futures data shows increased interest in contracts predicting prices above $100,000, signaling confidence in the cryptocurrency’s momentum.

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