Bitcoin prices hit an all-time high of $95,000 on November 20, 2024. This is a major milestone for the leading digital currency. According to Coinbase data from TradingView, Bitcoin reached $95,000.20, showing a strong upward trend in recent weeks.
The cryptocurrency has been breaking records lately. It’s benefiting from strong momentum and several bullish factors. Analysts have highlighted the asset's resilience and the developments driving its impressive gains.
Wendy O, a popular TikTok influencer, shared her thoughts via email. She said, “It seems that almost every day Bitcoin sets a new all-time high!” She pointed to two key reasons for the latest surge. First, Bitcoin ETFs saw over $1 billion in inflows within 48 hours. ARK's ARKB led with $267.3 million in inflows. Second, BlackRock launched Bitcoin ETF options, trading $1.9 billion on the first day.
Market observers noted the significant inflows into Bitcoin exchange-traded funds. There’s also growing interest in options contracts linked to BlackRock’s iShares Bitcoin Trust ETF, which trades under the ticker IBIT. Notably, the total Bitcoin held by U.S. Bitcoin ETFs recently surpassed 1 million units, as reported by CryptoQuant analyst Julio Moreno.
Cory Klippsten, CEO of Swan Bitcoin, described the current demand for Bitcoin as a “perfect storm.” He said, “Bitcoin’s rise to $95,000 feels like humanity finally boarding a lifeboat while the legacy financial system’s Titanic takes on water.” He explained that ongoing inflation, instability in fiat currencies, and a lack of trust in central banks are pushing individuals and institutions toward Bitcoin as a reliable store of value. Klippsten believes today’s surge results from rising demand, a supply crunch, and strong conviction from long-term holders.
George Kailas, CEO of Prospero.ai, emphasized the bright future for Bitcoin. He stated, “Typically, you have at least some reasonable Bull and Bear case on anything.” He mentioned successful trading strategies surrounding Bitcoin and other stocks. Kailas added, “I don’t see a Bear case over the next four years for BTC. This will create an environment where more major players jump on that bandwagon because it’s so clear.”