Bitcoin Price Today: BTC Surpasses Record $106,000, May Soon Exceed Google, Amazon In Valuation
Continuing its upside journey, Bitcoin jumped to a fresh all-time high of 106,488.25 in the early morning on Monday.
The latest surge comes amid growing investor optimism fuelled by US President-elect Donald Trump’s potential bitcoin strategic reserve fund and the continued surge of institutional interest, including the Nasdaq inclusion of pro-Bitcoin company MicroStrategy.
After the world’s biggest cryptocurrency crossed $106,000 at around 6 am on Monday, the price of Bitcoin pulled back and traded at $104,586.53 per (BTC / USD) as of 10:47 am, with a current market cap of $2.07 trillion. The 24-hour trading volume is $62.11 billion. Bitcoin is up 2.35 per cent in the last 24 hours with a circulating supply of 19.80 million, according to Binance.
“Bitcoin has reached a new milestone, surpassing $106,000 for the first time, driven by growing investor optimism fueled by President-elect Donald Trump’s potential bitcoin strategic reserve fund and the continued surge of institutional interest, including the Nasdaq inclusion of MicroStrategy. This marks a historic moment in the crypto’s ascent, signalling broader acceptance and confidence in its role as a store of value in the digital age,” said Sumit Gupta, co-founder of CoinDCX.
According to CoinSwitch Markets Desk, “As BTC touched the all-time high again of 106k after 10 days of consolidation, Bitcoin seems to have marked its support over $2 trillion market cap, making it the 7th largest asset in the world by market cap with Amazon and Google being less than 15 per cent away.”
This comes as pro-Bitcoin company Microstrategy is set to enter the Nasdaq 100 as per a recent announcement by Nasdaq – as per its 100th annual reshuffling. This means that it will now be a part of one of the world’s largest ETFs with more than 300 billion dollars in AUM, it added.
Avinash Shekhar, co-founder and CEO, Pi42, said, “Optimism for bullish momentum remains firm as the market awaits a 25-basis point cut by the Federal Reserve, triggering high overtures in the market.”
He said that in the derivatives market, open interest in Bitcoin futures and options had hit record highs, indicative of an overwhelmingly bullish sentiment.
“The market can see short-term consolidations before a new bull run as selling volumes can outpace buying volumes. Resistance at $106,533 and liquidity clusters close to $100,000 may lead to short-term profit-taking,” Shekhar said.
Nonetheless, due to strong institutional interest and strong buying momentum, Bitcoin looks to have targets in the range of $108,000 to $110,000, he said
Meanwhile, among other cryptocurrencies, SUI plummeted by 7.67 per cent, FTM by 17 per cent, ENA by 14.82 per cent, and STX by 10.79 per cent, becoming the top performer of the day. Ethereum rose 1.76 per cent to $3,967.09, while Solana was up 0.44 per cent to $221.88.