Just In: Bitcoin Price Breaks New ATH Above $93,800
Highlights
- Bitcoin price has retested a new all-time high above $93,000
- Several macroeconomic indices has contributed to this BTC boom
- Altcoins are also rallying amid expectations of future surge
The price of Bitcoin (BTC) has broken another All-Time High (ATH), touching $93,826.60 in late trading. The coin achieved this new milestone after a sustained consolidation trend over the past week. The premier coin rallied by 3.33% to achieve this ATH in the past 24 hours.
Bitcoin Price And Key Growth Triggers
Since the start of November, Bitcoin price has recorded multiple ATHs. However, the growth is linear as BTC first topped $85,000 ATH before crossing the $91,000 psychological level. The coin reversed its trend from this level and fell back to the $86,000 range as investors took profits.
The latest price rally to $93,000 is complemented by the 7.31% in trading volume, now pegged at $73.66 billion. In the past 24 hours, BTC price has traded within a narrow range from a low of $89,765.24 to a high of $93,826. With Bitcoin now in active discovery mode, it remains unknown how high the coin will grow.
There are many reasons why Bitcoin is growing at the moment. The sustained hype around the Donald Trump election victory in the United States is integral to the current BTC price surge.
With many promises to foster a clearer regulatory environment, both retail and institutional investors are confident to invest in the market. Bitcoin price also soared to its ATH as major corporate buyers like MicroStrategy continue to drive scarcity for the coin.
As Coingape reported earlier, MicroStrategy bought 51,780 BTC, valued at $4.6 billion to boost its holdings. This buyup is complemented by the spot Bitcoin ETF market which has continued to see sustained capital inflow.
Ethereum and Top Altcoins Leans Into The Rally
With Bitcoin now trading above the $93,000 mark, some altcoins are now basking in the spotlight as of writing. Though Ethereum (ETH) is still down by 35.9% from its ATH of $4,891.70, the coin has benefitted from the ongoing rally.
At the time of writing, Ethereum price has jumped by 2.3% in 24 hours to $3,132.50. Solana (SOL) is also inching closer to its ATH, jumping by 3.03% to $244.28. A number of Solana price analysis have explored the prospect of the coin retesting its ATH of $260.
Despite this impressive rally in top altcoins including Cardano (ADA), Dogecoin (DOGE) and XRP, many analysts believe the altcoin season is yet to kick in.
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