Bitcoin set a new record, surpassing the $94,500 mark
The bitcoin price continues to impress, updating all-time highs. In less than a day after overcoming the $93,900 mark, the first cryptocurrency reached a new ATH, rising to $94,617.43. This result was recorded by the analytical platform CoinGecko.
On the largest cryptocurrency exchange Binance, the bitcoin rate reached $94,585 at the moment, confirming the strength of the bullish trend. Nevertheless, most altcoins did not react to the movement of the market leader. The exceptions were Cardano (ADA) and XRP, which grew by 14.4% and 4.1% over the day, respectively.
Reasons for bitcoin’s growth
The main driver of the current rally is related to the start of trading in options on the spot bitcoin-ETF launched by the giant BlackRock. Experts also expect the launch of a similar product from Grayscale to become a new catalyst for BTC movement.
CryptoQuant head Ki Yun Ju said that the current growth phase could bring bitcoin to the $135,000 level. According to him, this cycle is characterized by high institutional activity, which provides the market with additional liquidity.
Positive signals from altcoins
An interesting development was the rapprochement between the Cardano and Ripple projects. Cardano founder Charles Hoskinson and Ripple CTO David Schwartz exchanged positive comments on the prospects of Midnight and XRP development. This event may signal a decrease in tension between the two major crypto communities and open up new opportunities for cooperation.
Outlook and projections
Bitcoin’s current growth not only demonstrates investor confidence, but also emphasizes the importance of regulation and institutional interest. If other major players continue to launch innovative products, it will strengthen the cryptocurrency market’s position as a full-fledged investment class.
The market is now waiting for a reaction to the options launch from Grayscale, which could set new momentum for an upward move.