Bitcoin (BTC) Price Surges to a New All-Time High (ATH) of around $99,486

Amid the notable expectations of Bitcoin price (BTC) reaching $100K before the end of this week, the flagship coin surged to a new all-time high (ATH)

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Bitcoin price surged to a new all-time high (ATH) of around $99,486 on Friday during the early European session amid notable expectations of the flagship coin reaching $100K before the end of this week. Coming less than 1% away from hitting the coveted target, Bitcoin’s daily average trading volume surged to over $113 billion.

For the first time in its history, Bitcoin’s fully diluted valuation surged beyond $2.08 trillion, thus on the brink of dethroning Alphabet Inc (NYSE: GOOGL). Already, Bitcoin’s total valuation is more than that of Saudi Aramco Base Oil.

The ongoing Bitcoin price surge has triggered heightened crypto volatility, thus leading to heavy liquidations in the past few days. According to the latest market data, more than $400 million was liquidated from the crypto-leveraged sector in the past 24 hours. Notably, the majority involved short traders, thus increasing the momentum of the ongoing short squeeze.

Bitcoin Whales Remains Hungry for More Purchases

The ongoing Bitcoin price pump is heavily bolstered by the high demand from institutional investors and the U.S. spot BTC ETF issuers. As of November 21, the US spot BTC ETF issuers had registered a cumulative total net inflow of about $30 billion, thus holding nearly $106 billion in assets under management.

On Thursday, BlackRock’s IBIT registered a net cash inflow of about $608 million, thus currently holding nearly $48 billion in total assets. Fidelity’s FBTC registered a net cash inflow of about $300 million on Thursday, thus currently holding nearly $20 billion.

Moreover, a whale investor with a balance of 25,298 BTCs, valued at over $2.5 billion, has purchased a total of 3,577 coins in the last four days, according to on-chain data analysis.

Meanwhile, MicroStrategy Inc (NYSE: MSTR) made the biggest Bitcoin purchase this week after buying 51,780 BTCs earlier in the week and now holds 331,200 coins.

On Thursday, MicroStrategy announced that it completed a $3 billion offering of convertible notes and is likely to purchase more coins in the coming days.

Midterm Expectations

Bitcoin price entered its much-revered discovery phase three weeks ago and the exponential bullish momentum has been gaining strength. Based on previous bull market cycles, Bitcoin price could reach the range between $137K and $150K before experiencing a major correction.

In other news, the altcoin industry led by Solana, Cardano, and Ripple Labs-backed XRP has been gaining significant traction.

As a reminder, Bitcoin’s dominance has been hovering around a major psychological resistance above 60%. An inevitable reversal for the Bitcoin dominance in the weekly timeframe will yield the much anticipated parabolic rally for the altseason in the near term.

Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!

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