The king of cryptocurrencies is making another run at the elusive $100,000 milestone. Bitcoin’s price surged to $98,700 on Friday, gaining over 3% in a broad rally as U.S. traders returned to their desks after the Thanksgiving holiday. The upwards momentum has reignited hopes that six-figure Bitcoin could finally become a reality after coming tantalizingly close multiple times this year.
Institutional Interest Heats Up as BTC Nears $100K
One key sign that the current rally has strong institutional support is the action in Bitcoin futures. Contracts on the Chicago Mercantile Exchange briefly surpassed $100,000 for the second time after first hitting that landmark level last week. Open interest in CME Bitcoin futures currently sits at all-time highs, indicating robust participation from big players.
The Coinbase Premium index, which tracks the price of BTC on Coinbase relative to offshore exchanges like Binance, has also rebounded into positive territory after dipping during the recent pullback to $91,000. According to data from CryptoQuant, this suggests that buying pressure from large North American investors is a primary driver of the current upswing.
“Judging by order size, Coinbase whales are driving this Bitcoin rally,” noted Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, in a recent social media post.
Crypto Miners Ride BTC Coattails to New Highs
With Bitcoin leading the way, crypto-related equities are also catching a strong bid. Bitcoin mining stocks in particular are outperforming, with many notching double-digit percentage gains and fresh all-time highs.
Bitdeer Technologies (BTDR) surged 15% to trade above $14 for the first time. Other major North American miners like MARA Holdings (MARA) and Riot Platforms (RIOT) jumped 5-10% in shortened holiday trading. The miners are outpacing more diversified crypto plays like exchange Coinbase (COIN) and MicroStrategy (MSTR).
Altcoins Join the Party as Crypto Markets Heat Up
Bitcoin’s rising tide is lifting the rest of the crypto armada. The broad-market CoinDesk 20 index jumped over 6% as top altcoins booked solid gains. XRP, Cardano’s ADA, Render Token (RNDR), and Hedera’s HBAR all notched double-digit percentage increases.
With bullish momentum building and key psychological resistance under pressure, all eyes in the cryptosphere will be watching to see if Bitcoin can finally break through $100,000 and establish a new highwater mark. A sustained move above this crucial level could open the floodgates for a significant expansion of mainstream adoption and institutional flows.
At the same time, technical analysts will be closely monitoring for signs of exhaustion if BTC fails to surmount $100K convincingly. Previous forays above this threshold quickly ran out of steam, leading to sharp pullbacks. It remains to be seen whether this rally has enough juice to decisively vanquish what’s become the Mount Everest of crypto price milestones.
