FX168 Financial News Agency (North America) News #NFT and Cryptos# On Wednesday, November 27th, the price of bitcoin climbed back above $96,000 per coin, partially recovering some of the lost ground from earlier this week when it fell below historical highs.
According to Coin Metrics' data, the price of this flagship cryptocurrency rose by about 5%, reaching $96,886.00 per coin.
(Source: FX168)
At the same time, the price of ethereum also rose by over 7%, reaching $3,555.82 per coin. The overall performance of the crypto market, measured by the CoinDesk 20 index, also increased by 5%.
(Source: FX168)
Although bitcoin is often seen as a 'digital gold' and a store of value, its trading performance often moves in sync with the stock market.
However, on Wednesday, Bitcoin decoupled from the technology-led Nasdaq Composite Index, which fell by 1%. In addition, the Dow Jones Industrial Average and the S&P 500 Index also showed a downtrend.
Driven by the rise in the cryptocurrency market, cryptocurrency-related stocks also performed strongly. Coinbase's stock price rose by over 4%, while Robinhood's stock price increased by more than 4%. The latter is considered to potentially benefit from the incoming Trump administration's more crypto-friendly policy environment.
At the same time, MicroStrategy, as a major holder of Bitcoin, saw its stock price climb by 11%.
(Source: Google)
Since the US presidential election on November 5th, the price of Bitcoin has consistently hit new highs, with an accumulated increase of about 38% during this period. Last Friday, the price of Bitcoin once approached $100,000 per coin, reaching $99,849.99 per coin, and this week tested the support level of $90,000 per coin.
Institutional investments are driving the uptrend in the Bitcoin market.
Alex Thorn, research director at Galaxy Digital, stated in a report on Wednesday: "The Bitcoin bull market remains strong." He added that despite possible market adjustments and fluctuations, the adoption of Bitcoin by institutions, companies, and some countries continues to rise. Coupled with the supportive stance towards Bitcoin by the new US government, it shows that Bitcoin still has significant potential for upward movement in the near and medium term.
Fairlead Strategies founder Katie Stockton stated that bitcoin is currently in an "unknown territory", with almost no technical resistance levels, while the key support level is around $74,000 per coin. She added: "Bitcoin's movements typically exhibit a stair-step pattern of rapid increases followed by consolidation. Investors need to give bitcoin more room as it is highly volatile but also possesses long-term potential."
The market expects a breakthrough of $100,000 by the end of the year.
As of this year, bitcoin's price has risen by 124% in total, with the market generally expecting bitcoin to break through the $100,000 per coin milestone by the end of the year. In comparison, ethereum has seen a 55% increase this year, lagging behind bitcoin but still showing impressive performance.
Investors are now focusing on the period around Thanksgiving holiday, hoping that bitcoin can achieve a new milestone.
