The leading cryptocurrency Bitcoin (BTC) is witnessing a new surge, escalating to an all-time high of $95,690. This remarkable upsurge marks a 4% increase in the last 24 hours, bringing BTC to its current price of $95,600. It would require an additional 4.7% increment to break the much-anticipated $100,000 barrier.
This upswing in Bitcoin has consequently affected the ETH/BTC parity, which has dipped below 0.033, a novel low since April 2021. This shift has also led to Bitcoin’s dominance, currently standing at 61.4%.
As Bitcoin continues its ascent, there has been a significant amount of liquidation in the cryptocurrency market. The past 24 hours have seen a liquidation of $393 million, across various cryptocurrencies. Of this, $267 million represents long positions, and $126 million accounts for short positions.
Bitcoin, the pioneer of cryptocurrencies, leads the pack with a liquidation of $77.4 million, followed closely by other major players such as Ethereum and Dogecoin (DOGE). Notably, 149,210 investors have liquidated in the last 24 hours, with the largest liquidation transpiring in the ETH/BTC trading pair on Binance.
BRN analyst Valentin Fournier, in a recent statement, projected that this upward trajectory in Bitcoin will persist. Contrary to popular belief, Fournier is of the view that Bitcoin will not only reach $100,000 before the end of the year but will exceed it.
“These increases confirm our thesis of an accumulation phase before the year-end explosion. If this momentum continues, Bitcoin prices could reach $120,000 before 2025,” Fournier stated. He attributed this prediction to Bitcoin’s solid performance since the US presidential election and the surge in retail interest in its long-term potential.
However, it is crucial to note that this statement is not to be construed as investment advice. The world of cryptocurrency is notoriously volatile, and while these predictions are based on current trends, they are subject to change at any moment. Investors must exercise due diligence and make informed decisions, factoring in their risk tolerance and financial goals.
In conclusion, Bitcoin’s current performance is a testament to the cryptocurrency’s resilience and growing acceptance. As we approach the end of the year, all eyes remain on BTC, with investors and analysts alike eagerly anticipating if it will indeed cross the monumental $100,000 mark.
