Summary:
Bitcoin hits a record high of $97,836.
Market cap approaches $2 trillion.
81% odds of reaching $100,000 this November.
Altcoins like DOGE, ADA, and SHIB are lagging behind.
Ethereum's performance raises concerns among analysts.
Bitcoin's Record High
Bitcoin, the leading cryptocurrency by market cap, recently reached a staggering $97,836, as reported by CoinGecko. This surge has sent Bitcoin's market cap close to the $2 trillion mark, with the cryptocurrency experiencing a nearly 6% increase over the past 24 hours.
The recent rally has been fueled by significant inflows into Bitcoin ETF products. For instance, BlackRock's IBIT saw $626.5 million in fresh investments, while Fidelity's FBTC recorded $134 million in new inflows.
Odds of Reaching $100,000
The likelihood of Bitcoin hitting the $100,000 mark this November has skyrocketed to 81% on the popular betting site Polymarket. With approximately 40% gains already recorded this November, the momentum seems strong.
Altcoins Struggling
In contrast, major altcoins have failed to keep pace with Bitcoin's impressive performance. Cryptocurrencies like Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB) are currently in the red. Notably, Ethereum (ETH) has only seen a 0.5% increase over the last 24 hours, and its trading pair with Bitcoin has fallen to its lowest level since March 2021.
Analyst Insights
Prominent trader John Bollinger has expressed concern over Ethereum's underperformance, calling it a worrying sign. However, analyst Chris Burniske suggests that this underperformance may present a future opportunity, stating, "Seen it happen repeatedly, with new reasons sprouting each time for why a rotation won't happen again -- and yet, just as Earth spins, we'll rotate."
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