Bitcoin Hits New All-Time High of $97,836, Nears $100,000 Prediction

Bitcoin, the flagship cryptocurrency has hit a new all-time high of $97,836 taking a step closer to fulfilling the prediction of analysts

Bitcoin price hit a new all-time high of $97,836 on Thursday, taking a step closer to fulfilling the prediction of analysts that the crypto asset will hit $100,000 before the end of the year.

After hitting the new peak, bitcoin was trading at $97,073 at the time of this report, up 4.1% in the last 24 hours. The primary crypto asset had a market capitalization of $1.9 trillion and maintained a 57.9% dominance over other crypto assets.

Its daily trading volume also surged, crossing the $85 billion threshold.

Bitcoin's bullish rally has led to an opening on the popular prediction site Polymarket on whether the crypto asset will reach $100,000 before December.

The rally also led to the global market capitalization of all crypto assets hitting $3.3 trillion.

Several factors are collaborating to drive bitcoin's price surge, with the most significant being Donald Trump's victory in the polls.

The self-acclaimed Crypto president made a strong case for his love for cryptocurrencies during the election campaign, mulling plans to set up a strategic Bitcoin reserve if elected as president.

Another factor is the launch of new spot BTC options, which are expected to increase the demand for digital gold as investors can now manage their investment risks.

Finally, a third factor for the bitcoin surge was revealed by Ki Young Ju, the CEO of the market analysis platform Crypto Quant.

He said that the surge is also driven by strong whale accumulation and over-the-counter deals, mostly by institutions rather than individuals.

The bitcoin halving, which took place earlier this year, also played a key role by demanding a price rally for miners to remain profitable.