Bitcoin Races to $100,000 Mark; Altcoins Gain Momentum In almost 24 hours, BTC has climbed from over USD 95,000 to USD 99,000, soaring three per cent

By Paromita Gupta

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In the early hours of Friday, Bitcoin crossed USD 99,000 and claimed a new all-time high. Just a few hundred dollars short, Bitcoin (BTC) was sitting at a comfortable USD 98,770.43 at the time of publishing.

According to CoinGecko, crypto now has a market cap of USD 3.4 trillion, surpassing France's GDP of USD 3.17 trillion. It surged by a 4.8 per cent change in the last 24 hours.

In almost 24 hours, BTC has climbed from over USD 95,000 to USD 99,000, soaring three per cent. Ethereum (ETH) and Solana (SOL) gained 9 per cent and 11.4 per cent, respectively, while Tether (USDT) remained flat.

The rally, after Trump's win, can be credited to several reasons including the spot Bitcoin ETF options launch, Trump's media company filing for a trademark for a crypto payments service, and MicroStrategy's Michael Saylor plans to pitch BTC to Microsoft.

"BTC now faces critical resistance at USD 99,950 before breaking into the six-figure territory, with strong support holding at USD 95,000," said Edul Patel, co-founder and CEO, Mudrex.

"We believe that if BTC breaks through USD 100K, there is a high probability of a pullback. However, the entry of long-term institutional funds suggests that BTC's price is far from this point, and a breakout above USD 100K and further upward movement is only a matter of time," said Gracy Chen, CEO, Bitget.

Apart from Bitcoin, altcoins such as Dogecoin, USD Coin, Cardano, Wrapped Bitcoin, Cronos, Monero, Floki Inu, Underdog, Iota, Braintrust, and Binance USD also saw a price surge in the one-day change. Notably, XRP soared 65 per cent over last week, with Shivam Thakral of BuyUcoin sharing "The future looks extremely positive for XRP."

Patel shares that while BTC rallies, the overall dominance has dipped with altcoins like Ethereum, Doge, Solana and XRP jumping upto 25 per cent in a day.

Paromita Gupta

Entrepreneur Staff

Freelancer

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 

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