Bitcoin Price Surges Above $96,000 with $100,000 Milestone in Sight
Bitcoin made a comeback above $96,000 on Wednesday after a slight dip earlier in the week. The flagship cryptocurrency was up nearly 6% to $96,676.70, with ether also seeing a 9% jump to $3,636.46. The broader crypto market, as measured by the CoinDesk 20 index, rose by 7%.
While bitcoin is often seen as a digital alternative to gold, it typically moves with the stock market. However, on Wednesday, it broke away from the Nasdaq Composite and other indices, which were down. Coinbase, a major player in the crypto space, saw over a 6% increase in value, along with other crypto stocks. Robinhood and MicroStrategy also experienced gains.
Bitcoin has been setting new records since the election on Nov. 5, rising by about 38% during that time. Recently, it peaked at nearly $100,000 before testing the support level of $90,000. Experts suggest that the current bull market for bitcoin has more room to grow due to institutional and corporate adoption, as well as favorable regulatory environments.
Katie Stockton of Fairlead Strategies explained that bitcoin tends to take sharp steps up and down, urging investors to allow for the volatility in the market. Despite this, Bitcoin remains up by 126% for the year and is expected to hit the $100,000 mark before the end of the year. Ether, while trailing behind bitcoin this year, has still seen a 59% increase.
As bitcoin finishes strong for the week, experts anticipate further growth, with some even discussing the potential for $200,000. Investors are reminded to expect volatility and to consider the long-term prospects of cryptocurrencies.
