Bitcoin Smashes $93,800 ATH as Ethereum and Altcoins Rally

Bitcoin Smashes $93,800 ATH as Ethereum and Altcoins Rally

• Bitcoins surge to $93,800, backed by rising trading volume, has sparked gains in Ethereum and Solana.
• Trumps crypto-friendly policies and institutional investments, like MicroStrategys Bitcoin purchases, fuel optimism for further Bitcoin growth.

Bitcoin (BTC) has once again shattered its all-time high, reaching $93,826.60 in late trading, after a 3.33% rally within 24 hours. This surge follows a period of steady consolidation, marking another step in Bitcoins consistent upward trajectory this November.

Specifically, the renewed push to $93,800 has been bolstered by a 7.31% rise in trading volume, now standing at $73.66 billion. With BTC entering active price discovery, the next peak remains unpredictable.

Following a previous CNF update on key Bitcoin metrics, it was recently suggested that an ‘inevitable’ 90% BTC price surge lies ahead. As shared in a recent tweet by Wintermute, it was noted that starting with a climb past $85,000, BTC quickly surpassed the psychological barrier of $91,000 before briefly retreating to $86,000 as some investors locked in profits.

— Wintermute (@wintermute_t) November 19, 2024

Ethereum and Solana Ride the Bitcoin Wave

Bitcoins record-breaking performance has spilled over to the altcoin market. Ethereum (ETH) saw a 2.3% gain, trading at $3,132.50, while Solana (SOL) rose 3.03% to $244.28, nearing its all-time high of $260.

Other prominent altcoins like Cardano (ADA), Dogecoin (DOGE), and XRP have also posted gains. Despite this momentum, analysts believe the much-anticipated altcoin season is yet to begin, leaving room for even greater rallies across the board.

Market Optimism Fueled by Institutional and Regulatory Confidence

The recent rally is attributed to several factors, including Donald Trumps election victory and his promises to create a crypto-friendly regulatory environment. Institutional players like MicroStrategy continue to drive scarcity, evidenced by its recent acquisition of 51,780 BTC valued at $4.6 billion.

Additionally, inflows into spot Bitcoin ETFs underscore the growing confidence in digital assets, positioning Bitcoin for further upward movement as the market remains in bullish territory.

At the time of writing, according to CoinMarketCap data, Bitcoin (BTC) is currently trading at $91,751.54, having surged by in the past day and in the past week. See the BTC price chart below.