Why did the Bitcoin price go up today? Find out here

Bittime - The price of Bitcoin has risen sharply and is approaching the $100K level. Check out the full explanation of the causes of Bitcoin (BTC)'s rise and predictions of its future price movements.

Bitcoin's price rally stole the show again today. Bitcoin, the world's largest digital asset, rose more than 6% and reached a new all-time high (ATH) of $97,457. This brought Bitcoin closer to the psychological $100k mark, creating great excitement in the crypto market.

It also reinforced Bitcoin's dominance in the market, with a market share of 60.5%. Meanwhile, altcoins like Ethereum (ETH) started to lose momentum, registering its lowest level against BTC in three years.

What caused Bitcoin to rise so significantly, and how did it impact the market? Here's the explanation.

Factors causing Bitcoin to rise today

1. Bitcoin Market Dominance

Bitcoin currently accounts for more than 60% of the crypto market capitalization, indicating that most of the market liquidity is focused on BTC.

With this dominance, altcoins like Ethereum and Solana tend to stagnate. The ETH/BTC pair even registered a new low, delaying a potential altcoin season.

Market strategists, such as Ali Martinez, noted Bitcoin's historical pattern of showing a gradual rise to the $135K level. This trend makes investors more confident that Bitcoin is still the dominant asset in their portfolio.

Read also: Bitcoin History: The Story of BTC's Creation by Satoshi Nakamoto

2. Encouragement from Spot Bitcoin ETFs

A large influx of funds into spot Bitcoin ETFs was also a major catalyst. Data from Farside Investors shows that inflows reached $773 million in just one day, with BlackRock contributing $626 million. This liquidity pushed the Bitcoin price to an all-time high.

Future Bitcoin Price Predictions

Analysts believe that Bitcoin still has room to go higher. The four-year chart pattern shows a potential rise in BTC to the $108K mark, before finally touching $135K in the coming months.

Legendary trader Peter Brandt also predicts Bitcoin to form a bullish flag pattern, signaling a further rally towards the $125K level. However, ahead of the psychological $100K mark, volatility is expected to increase.

Also read: What is Bitcoin and How it Works

Impact on Crypto Market

While Bitcoin is rising, altcoins are still under pressure. Altcoins like Ethereum need strong momentum to recover, which is only possible if Bitcoin starts consolidating. With Bitcoin's growing dominance, the altcoin market will have to wait its turn until liquidity flows shift.

Bitcoin's price continuing to print new ATH shows the dominance of this asset in the crypto market. With support from spot ETFs and strong historical patterns, Bitcoin's rally is likely to continue, although investors should still be wary of volatility at the next psychological levels.

Altcoin FAQ

What is Bitcoin?

Bitcoin is a decentralized digital asset created in January 2009. The invention of bitcoin was following an idea set out in a white paper by Satoshi Nakamoto (alias).

What is the Future Price Prediction of Bitcoin?

Analysts believe that Bitcoin still has room to go higher. The four-year chart pattern shows a potential rise in BTC to the $108K mark, before finally touching $135K in the coming months.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

Reference

• Coingape.com, Here's Why Bitcoin Price Is Rising Today, accessed on November 22, 2024.
• Coinmarketcape, Bitcoin Price, accessed on November 22, 2024.

Author: AWW