Bitcoin (BTC) is once again on the verge of reaching the coveted $100,000 milestone, just one week after its initial attempt. The Coindesk Bitcoin Index saw a surge to a session high of $98,690 during early U.S. trading hours, marking a 3.3% increase over the past 24 hours. The broader CoinDesk 20 Index also experienced a significant uptick, rising by 6.2%, indicating that altcoins were leading the charge. Notable cryptocurrencies like XRP, ADA, RENDER, and HBAR all recorded double-digit gains throughout the day.
Following the Thanksgiving holiday, U.S. traders returned to the market, spurring a bullish trend in crypto prices. Traditional U.S. markets had a shortened session on Friday, with U.S.-listed bitcoin miners making notable gains. Bitdeer (BTDR) led the pack with a 15% increase, reaching a new all-time high above $14. Major miners such as MARA Holdings (MARA) and Riot Platforms (RIOT) also saw gains of 5%-10% in the early hours of the session. On the other hand, crypto equities like Coinbase (COIN), MicroStrategy (MSTR), and Semler Scientific (SMLR) lagged behind the miners.
Bitcoin futures on the Chicago Mercantile Exchange (CME) briefly surpassed the $100,000 mark before retracting slightly, according to TradingView data. This marks the second time in a week that bitcoin futures have reached this milestone. The price premium for futures relative to the spot market suggests strong institutional involvement, with open interest in bitcoin CME futures hitting all-time highs.
The Coinbase Price Premium, which measures the spot price of BTC on Coinbase compared to the off-shore exchange Binance, returned to positive territory as bitcoin dipped below $91,000 earlier in the week. This premium indicates that the rally is primarily being driven by American market participants. CEO of CryptoQuant, Ki Young Ju, noted that “Coinbase whales are driving this bitcoin rally,” emphasizing the influence of large investors on the market.
Overall, the resurgence in bitcoin prices and the broader crypto market can be attributed to the return of U.S. traders post-Thanksgiving, as well as strong institutional participation in the futures market. With bitcoin once again nearing the $100,000 milestone, all eyes are on whether it will finally break through this significant barrier in the coming days.