- According to the data, Bitcoin rose 7.2% in the past 24 hours, reaching a new all-time high of just over $103,670, with its market capitalization reaching $2 trillion for the first time.
- A seasonally bullish holiday season, demand from ETFs, and increased mainstream media attention could further fuel Bitcoin buying demand in the coming weeks, traders said.
Bitcoin (BTC) topped the historic $100,000 mark on the morning of December 5, nearly 15 years after it first began trading. Some traders expect this trend to continue.
According to the data, Bitcoin rose 7.2% in the last 24 hours, hitting a new all-time high of just over $103,670, and reaching a market capitalization of $2 trillion (about 300 trillion yen, at exchange rate 1 dollar = 150). yen) for the first time ) achieved. The price then fell to $102,500 in mid-afternoon Asian trading hours as traders booked profits from the move.
Increased demand from institutional investors, increased inflows into exchange-traded funds (ETFs), improved sentiment in traditional financial circles, and the inauguration of Donald Trump as the next president of the United States, the cryptocurrency has risen by 50% in the last 30 days on the back of his hope (he promised that the United States would be the center of Bitcoin activity).
Such a rapid price increase has fueled concerns among some observers about a ceiling in the market, and prices could drop to $90,000. However, traders say a bullish seasonal holiday season, demand from ETFs, and increased mainstream media attention could further increase Bitcoin buying demand in the coming weeks.
Here’s what three traders have to say about the current rally and what’s to come.
“Federal Reserve Chairman jerome Powell thinks Bitcoin is digital gold and Paul Atkins’ BTC finally reached $100,000 on the good news that Mr. Atkins was appointed Chairman of the Securities and Exchange Commission (SEC). Furthermore, although BTC is still small compared to other macro assets, its growing market capitalization has attracted large institutional investors who can now allocate a meaningful amount to it Min Jung, investment analyst at Research).
“Bitcoin has more than a milestone passing the $100,000 mark; It is a critical moment for the crypto industry, fueled by an increasingly favorable regulatory environment in the United States, which will further encourage institutional investment in the space, increasing Bitcoin’s credibility and starting a new wave of adoption. there it was born”── Jeff Mei, Chief executive Officer of cryptocurrency exchange BTSE.
“Although some speculators believe that $100,000 is the market peak, demand on chain and macroeconomic indicators suggest that Bitcoin still has higher momentum, this is because major bearish news such as the US presidential election and regulatory stance towards crypto assets. Additional exposure: While long-term holders may deleverage their positions, mainstream media and retail market investors are finally waking up to Bitcoin’s incredibly rapid rise at this key level of buying pressure.” Nick Ruck, LVRG Research Director.
｜ Translation: CoinDesk Japan
｜ edited by: Toshihiko Inoue
｜Image: Shutterstock
｜ Original text:Traders See More Bitcoin Buying Pressure as BTC Sets New Record at $103K
What factors are contributing to Bitcoin’s recent price surge?
Time.news Editor (TNE): Welcome to Time.news! Today, we have an exciting discussion lined up with cryptocurrency expert, Dr. Amelia Carter. We’re diving into the recent surge in Bitcoin’s price, which has hit a remarkable new all-time high of over $103,000. Amelia, thank you for joining us!
Dr. Amelia Carter (AC): Thank you for having me! It’s an exciting time in the crypto space, to say the least.
TNE: Absolutely! So, let’s get right into it. Bitcoin rose by an impressive 7.2% in just the past 24 hours. What do you think is driving this sudden surge?
AC: There are several factors at play.First, market sentiment has been incredibly bullish recently, with more institutional investment flowing into Bitcoin. This kind of buying pressure often leads to price spikes. Additionally, as more peopel become aware of Bitcoin as a hedge against inflation and economic uncertainty, demand increases, driving prices higher.
TNE: That’s captivating. Are there any particular events or news that you believe have influenced traders’ optimism?
AC: Yes, definitely! Bitcoin has been gaining attention due to regulatory developments that favor cryptocurrencies in certain regions, as well as technological advancements that enhance transaction efficiency. moreover, popular endorsements from influential figures in finance and tech have also contributed to increasing enthusiasm around Bitcoin.
TNE: Captivating! So, with bitcoin breaking the $103,000 mark, do you foresee continued buying pressure, or could there be a pullback?
AC: It’s always tough to predict with certainty, but the momentum seems strong at the moment. Though, it’s not uncommon for the market to experience corrections after such rapid increases. Traders should remain cautious and be prepared for potential volatility.A consolidation period might be necessary before we can see sustained growth.
TNE: Right, and that leads us to talk about the psychological aspect of trading. How much does trader psychology impact price movements in the crypto market?
AC: Trader psychology plays a massive role! In the crypto market, where emotions can run high, fear of missing out (FOMO) frequently enough drives traders to buy in droves right after a surge. Conversely, during corrections, panic selling can exacerbate downturns. Understanding these psychological elements is crucial for any trader looking to navigate the market successfully.
TNE: that’s a great insight. Now, looking ahead, what should both new and seasoned investors keep in mind as they navigate this market?
AC: investors should focus on doing their own research and understanding the technology and fundamentals behind Bitcoin and other cryptocurrencies.It’s also vital to diversify investments to mitigate risk. Plus, keeping an eye on market trends and sentiment can help inform strategic decisions. Lastly, remember that investing in crypto is inherently risky—never invest more than you can afford to lose.
TNE: Very sage advice! Before we wrap up, is there anything else you’d like to share with our readers about the future of Bitcoin or cryptocurrencies in general?
AC: I’d just like to emphasize that we’re still in the early days of cryptocurrency adoption. As financial technologies evolve and more people become cozy with digital assets, we could see even more profound effects on the economy. It’s an exciting space to watch, and I truly believe we’re just scratching the surface.
TNE: Thank you so much, Amelia! your insights are invaluable, and I think our readers will really benefit from your expertise.
AC: Thank you! It was a pleasure discussing these exciting developments with you.
TNE: And that wraps up our discussion today. Stay tuned for more updates on Bitcoin and the evolving world of cryptocurrency!