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Bitcoin hits $93,800 as Ethereum and altcoins rally

Bitcoin hits $93,800 as Ethereum and altcoins rally

GrafaGrafa2024/11/20 13:37
By:Isaac Francis

Bitcoin (CRYPTO:BTC) has reached a new all-time high, climbing to $93,826.60 following a 24-hour rally of 3.33%.

The surge comes amid rising trading volume, which has increased by 7.31% to $73.66 billion.

This upward momentum marks a continuation of Bitcoin's strong performance throughout November, positioning it firmly in price discovery mode.

The rapid rise in Bitcoin's value has positively impacted the broader cryptocurrency market.

Ethereum (CRYPTO:ETH) has gained 2.3%, trading at $3,132.50, while Solana (SOL) advanced by 3.03% to $244.28, approaching its previous all-time high of $260.

Other major altcoins, including Cardano (CRYPTO:ADA), Dogecoin (CRYPTO:DOGE), and XRP (CRYPTO:XRP), have also recorded gains, although analysts believe a significant altcoin season has yet to commence.

Market confidence has been bolstered by factors such as Donald Trump’s recent election victory and his pledge to implement crypto-friendly policies.

These developments have strengthened investor sentiment, contributing to Bitcoin’s upward trajectory.

Additionally, institutional interest continues to support the market.

MicroStrategy’s recent purchase of 51,780 BTC, valued at $4.6 billion, exemplifies the increasing scarcity driven by large-scale investments.

The introduction and growth of spot Bitcoin ETFs have also played a role in fostering optimism, signifying broader acceptance and stability for digital assets.

This confidence positions Bitcoin and other cryptocurrencies for continued growth as the market outlook remains positive.

At the time of reporting, the Bitcoin (BTC) price was $92,140.70, and the Ethereum (ETH) price was $3,099.00.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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