Bitcoin Surpasses $100k Mark Amid Cryptocurrency Market Reaching Historic $3.4 Trillion in Value

With prices hovering just over $99,000 after a recent spike, Bitcoin (BTC) is close to reaching its landmark $100,000 mark, a feat that has been 15 years in the making. This milestone is significant not only for the cryptocurrency itself but also for the broader market, as it reflects the growing acceptance and adoption of digital assets.

Market Capitalization Hits Record High

The overall market capitalization stands at a record $3.4 trillion, with a 4.5% increase in the past 24 hours, mainly driven by Bitcoin’s 2% jump. As the largest cryptocurrency, BTC accounts for over 56% of the total market cap, indicating its dominant position within the crypto space.

U.S. Spot BTC ETFs Witness Record Net Inflows

Spot exchange-traded funds (ETFs) offered in the U.S. have seen an impressive $1 billion in net inflows, with BlackRock’s IBIT leading the pack at $600 million. Fidelity’s FBTC recorded over $300 million in inflows, while no outflows were reported from any of the 11 ETFs.

Renewed Bullish Sentiment

The strength in BTC is driving a rotation in other major tokens ahead of the weekend, as renewed bullish hopes about a crypto-friendly Trump administration take office in January. This development has sparked increased interest and speculation within the crypto community.

Ethereum (ETH) Gains 9%

• Ether (ETH) has surged nearly 9% in the past 24 hours, buoyed by the renewed bullish sentiment.
• The increase in ETH’s value has led to a boost in various indexes that track the broader decentralized finance (DeFi) sector, with at least an 8% gain.

Solana (SOL) Sets Fresh Highs

• Solana’s SOL is up 8%, setting fresh highs above $260 amid exchange-trading fund (ETF) filings in the U.S. and continued usage of the blockchain for speculative trading.
• The increase in SOL’s value has contributed to a growth in its market capitalization, solidifying its position within the crypto space.

Cardano (ADA) Rises 12%

• Cardano’s ADA is up 12%, making it the second-most gains among majors after XRP, as traders react to the renewed bullish sentiment.
• The increase in ADA’s value has sparked speculation about potential future growth and adoption of the asset.

XRP Sees 25% Jump

• XRP has zoomed 25%, leading growth among major tokens, following SEC chair Gary Gensler’s announcement that he would step down in January.
• The increase in XRP’s value is attributed to the removal of headwinds for tokens related to U.S. companies.

Short-Term Pullback Expected

While traders expect BTC prices to continue holding strong in the short term, a short-term pullback near $100,000 is anticipated. This is due to multiple CoinDesk analyses that have noted earlier in the week.

Futures and Options Pricing

• Deribit’s BTC futures expiring in March, June, and September 2025 trade above $100,000.
• The BTC call option at the $100,000 strike boasts an open interest of over $2 billion, indicating traders’ expectations of movement to the upside.

In conclusion, the crypto market is experiencing a surge in prices, with Bitcoin nearing its landmark $100,000 mark. The increased adoption and acceptance of digital assets are driving growth within the sector. While a short-term pullback is expected, the long-term prospects for BTC and other major tokens remain bullish.