Bitcoin (BTC) hit $97,765 in early Asian trading on Thursday, November 21, according to Bitstamp.
The cryptocurrency has seen a remarkable 40% increase since Donald Trump’s presidential election victory earlier this month, adding more than $28,000 to its value. To put that into perspective, one BTC traded around $28,000 in October 2023, just a year ago.
BTC is now just about 2% away from hitting the historic six-figure price of $100,000.
Industry experts and analysts have begun to talk about a supply shock, with demand for BTC far outstripping supply.
On November 21, ETF Store President Nate Geraci observed that nearly 20 million BTC had been mined, with between four and five million of them “lost,” and one million in Satoshi’s wallet. Additionally, the Bitcoin ETF currently holds a million BTC, and MicroStrategy is on track to hold 400,000 BTC.
Meanwhile, Capriole Fund founder Charles Edwards stated that it is not expected that Bitcoin will exceed $100,000, and that retail FOMO (Fear of Missing Out) will kick in once this benchmark is reached.
“A lot of investors will sell between $90K-$100K for this reason. But once the price crosses $100K, there will be a massive buying spree due to FOMO,” he said.
On the same day, Lookonchain reported that large investors or ‘whales’ are still accumulating BTC even at the highest prices. One whale reportedly bought 3,289 BTC worth over $300 million from Binance in the last two days, and now holds 25,010 BTC worth $2.37 billion.
Bitcoin dominance continues to rise, reaching 61.5% on November 21, the highest level since March 2021. This also pushed the total crypto market cap to an all-time high of $3.28 trillion.
At the same time, Ethereum continued to weaken, remaining flat throughout the day to trade at $3,100. The ETH/BTC ratio is also at a three-and-a-half-year low.
Most altcoins are also in the red today as Bitcoin continues to seize market share.
