Bitcoin soared to a new all-time high price again on Wednesday, less than a day after it last set a new high watermark.
The asset jumped to $95,000 for the first time early Wednesday, with nearly $78 billion in Bitcoin changing hands over the last 24 hours, according to CoinGecko data.
The bullish price action follows after spot Bitcoin ETF options began trading in the U.S. for BlackRock’s iShares Bitcoin Trust (IBIT). The new derivatives contracts allow traders to bet on whether—and how quickly—shares of the fund will increase or decrease in price.
On Tuesday, the first day of trading on the Nasdaq, the new options contracts saw $1.9 billion in notional exposure traded on its first day.
It also follows several bullish catalysts for the asset this year, including a U.S. spot exchange-traded fund approval from the Securities and Exchange Commission and a Republican victory in the presidential election.
President-elect Donald Trump has vowed to promote industry growth through several policy initiatives including establishing a domestic Bitcoin reserve.
It was only just yesterday that the Bitcoin price set a new all-time high above $93,500, and then it continued to jump past $94,000, according to CoinGecko data.
Valentin Fournier, an analyst at trading firm BRN, said Wednesday that the lofty price action backs up the company’s belief that Bitcoin is not only going to reach $100,000 before the end of the year—it’s going to surpass it.
“This confirms our thesis of an accumulation phase before a year-end breakout,” he wrote. “If this momentum persists, Bitcoin prices could reach $120,000 before 2025, driven by growing retail interest in its robust performance and long-term potential since the U.S. presidential election.”
Edited by Andrew Hayward
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