Bitcoin’s Surge Nears $100K Milestone as Total Crypto Market Cap Hits $3.4 Trillion
Bitcoin (BTC) extended its rally on Friday, trading just shy of $100,000 and pushing the cryptocurrency market capitalization to a record $3.4 trillion. BTC’s price reached a peak of $99,200 before settling around $99,000, continuing its strong upward momentum driven by institutional inflows and macroeconomic factors.
Institutional investors remain a driving force, with BlackRock’s IBIT ETF leading the way with $600 million in inflows, followed by Fidelity’s FBTC with $300 million. Across the board, U.S.-based Bitcoin ETFs are seeing strong demand, signaling heightened interest from large-scale players.
Altcoins Follow Bitcoin’s Lead
The broader market is also benefiting:
- Ethereum (ETH): Up 9%, fueled by growth in decentralized finance (DeFi) activity.
- Solana (SOL): Added 8%, setting a new high above $260, partly on speculation about upcoming ETF approvals.
- XRP: Jumped 25%, driven by improved regulatory sentiment after SEC Chair Gary Gensler announced plans to step down.
- Cardano (ADA): Rose 12%, reflecting broad-based bullish sentiment in the altcoin market.
Future Outlook
Traders remain optimistic about BTC’s performance, with open interest in Bitcoin options above $100,000 exceeding $2 billion. However, analysts caution about potential resistance near the psychological $100,000 level before another major leg upward. The market continues to anticipate favorable regulatory developments and easing global monetary policy, further supporting crypto’s long-term growth prospects.
