Bitcoin (BTC) surged toward the $100,000 mark on Wednesday afternoon, after trading in a narrow range for much of the day. The cryptocurrency briefly dipped below $95,000 before rallying nearly 5%, peaking at $99,177, according to CoinDesk data. Over the past 24 hours, Bitcoin saw a 3.2% increase, outperforming the CoinDesk 20 Index, which gained just 1.3%.

The price spike came alongside a sharp rise in the “Coinbase Premium,” a key metric that tracks Bitcoin demand among U.S. investors. During the surge, Bitcoin was trading over $300 more expensive on Coinbase compared to Binance, suggesting strong demand from American buyers.

The Coinbase Premium measures the price difference between Bitcoin on Coinbase, a platform popular with U.S. institutional investors, and Binance, which is primarily used by retail investors in international markets. This divergence points to increasing U.S. investor interest in Bitcoin.

Bitcoin’s rally also followed remarks from Federal Reserve Chair Jerome Powell, who described Bitcoin as a digital equivalent of gold, positioning it as a competitor to the precious metal rather than the U.S. dollar. Additionally, Bitcoin’s price spike coincided with Donald Trump’s nomination of Paul Atkins, a crypto-friendly figure, to head the U.S. Securities and Exchange Commission.

Bitcoin has been struggling to break through the $100,000 level for the past two weeks, despite strong market sentiment following Trump’s election. However, heavy profit-taking has prevented the price from surpassing this milestone. Historical patterns suggest that Bitcoin may need multiple attempts to breach the $100,000 mark, according to CoinDesk senior analyst James Van Straten.