Bitcoin Inches Closer to $100K Milestone as Market Cap Hits Historic $3.4 Trillion

Bitcoin (BTC) continues its meteoric rise, trading just shy of $100,000 on Friday and cementing its dominance with a 56% share of the record $3.4 trillion crypto market capitalization. BTC’s price touched $99,200 before settling above $99,000, bolstered by strong institutional demand and renewed optimism in the crypto market.

ETF products have played a pivotal role, with BlackRock’s IBIT ETF leading inflows at $600 million, followed by Fidelity’s FBTC at $300 million. Traders are increasingly bullish, with options markets signaling confidence in Bitcoin’s ability to surpass $100,000 and maintain momentum into 2025.

Altcoin Momentum
Bitcoin’s surge is igniting the broader market:

• Ethereum (ETH): Up 9%, driven by DeFi growth and strong institutional support.
• Solana (SOL): Rose 8% to a new all-time high above $260, as investor confidence builds around ETF applications.
• XRP: Led gains with a 25% rally, as regulatory hurdles ease following SEC Chair Gary Gensler’s resignation announcement.
• Cardano (ADA): Gained 12%, reflecting broader market optimism.

Market Sentiment and Future Outlook
Crypto traders are optimistic as a pro-crypto political administration prepares to take office in January. Analysts caution that BTC may face minor pullbacks after hitting $100,000, but long-term sentiment remains overwhelmingly positive, with derivatives markets projecting sustained growth through next year.