Bitcoin Hits $106K for the First Time as Total Crypto Market Cap Approaches $4 Trillion
2024-12-16
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Bitcoin, the leading cryptocurrency, reached a new record high of $106,533 at 00:39 UTC on the Bitstamp exchange.
The flagship cryptocurrency has since given up some gains, currently changing hands at $104,543.
So far, it has added 8.4% during this November after surging by 37.32% in November and 10.95% in October, respectively. Overall, Bitcoin is up by 65% during the fourth quarter of the year with two weeks left. 
According to David Lawant, head of research at FalconX, this breakout was different since sellers were already getting tired, with the sell-sell skew becoming gradually lower. "Those watching the BTC order book realized earlier than most that this most recent break was different from the previous ones," he said. 
According to analytics firm Santiment, there has been a new increase of 1,582 wallets holding at least 100 BTC following the start of the ongoing rally in October. 
Bitcoin has outperformed major altcoins with a 5.4% increase over the past week. For comparison, XRP and Solana SOLUSD are down 3.1% and 4.8% over the past week, respectively. Despite the underperformance of altcoins, the overall cryptocurrency market cap is still approaching $4 trillion. 
Meanwhile, Peter Schiff, a financial commentator known to be consistently critical of Bitcoin, has predicted that Bitcoin is likely to go higher before it eventually collapses. At the same time, he believes that MicroStrategy co-founder Michael Saylor was the main buyer. "That seems to be the trend, as it's happened the last five Mondays in a row," he noted. 
The shares of MicroStrategy (MSTR) are up 8% in pre-market trading. 