Bitcoin It topped $96,000 on Wednesday, recovering slightly from this week's pullback from record levels.
The price of the flagship cryptocurrency was last up 5% at $95,886.00, according to Coin Metrics. ether It soared more than 8% to $3,591.33. The broader crypto market, as measured by the CoinDesk 20 index, rose 5%.
Although Bitcoin is widely seen as a store of value and a digital alternative to gold, cryptocurrencies are often traded in parallel with stock markets. But on Wednesday, the index was delinked from the tech-heavy Nasdaq Composite Index, which fell 1%. The Dow Jones Industrial Average and S&P 500 also fell.
coinbase It rose more than 5% as Bitcoin rose along with other crypto stocks. robin hoodThe company, which offers crypto trading and is seen as a beneficiary of a more crypto-friendly environment under the incoming Trump administration, rose 4%. micro strategyThe company, which trades Bitcoin on its behalf, rose 10%.
Bitcoin has regularly broken records since the November 5 presidential election, gaining about 38% in that time. It rose to $99,849.99 on Friday and tested the $90,000 support level this week.
“The Bitcoin bull market has legs,” Alex Thorne, head of enterprise research at Galaxy Digital, said in a report on Wednesday. “There will be corrections and hiccups, but this is normal. There may even be market-disrupting twilight regulations and law enforcement actions from the outgoing Biden administration. , and potentially increased adoption by nation states, the new US government is becoming extremely pro-Bitcoin, and solid positioning and network data all point to an uptick in the short to medium term. It shows.”
Katie Stockton of Fairlead Strategies told CNBC's “Squawk Box” on Monday that at current levels, Bitcoin investors are “in uncharted territory in terms of whether there's going to be any resistance — of course. There is no resistance,” he said. Support, on the other hand, is around $74,000. Just two weeks ago, on November 13th, Bitcoin hit $92,000 for the first time in history.
“Bitcoin tends to go up stairs both down and up. This means that Bitcoin can see very sharp rises like this and then solidify,” she said. “People should be… willing to give Bitcoin, and cryptocurrencies in general, more leeway given its volatility and long-term potential.”
Bitcoin is up 124% for the year and is widely expected to reach the $100,000 milestone by the end of the year. Ether, which has outperformed since the election, is up 55% year-to-date and continues to trail Bitcoin.
