🔥 Bitcoin Inches Closer to $100,000—Is the "Santa Rally" Next?
posted 21 Nov 2024
Bitcoin reached a historic peak of $98,000 on November 21, bringing it closer than ever to the $100,000 milestone. On the Deribit exchange, Bitcoin futures have already breached this level for contracts set to expire in March, June, and September 2025.
That same day, it was revealed that U.S. spot Bitcoin ETFs had exceeded $100 billion in assets under management, according to SoSoValue. This marks more than 5% of Bitcoin’s total market capitalization.
As the crypto space enters the "Santa Rally" period—the last five days of December and the first two of January—the pressing question is: can Bitcoin reach the $100,000 threshold before the end of 2024?
Polymarket data at the time of writing suggests a 68% chance that Bitcoin could hit this milestone in November. As for Ethereum, users estimate only a 17% chance of achieving a new ATH by year-end.
It’s not hard to see why these sentiments are emerging, as ETH has been losing ground to BTC for an extended period. On November 21, the ETH/BTC ratio dipped below 0.034—a level not witnessed since March 2021.
Bitcoin’s dominance over the broader crypto market has also been climbing consistently, reaching over 61% on this day.
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