As reported by CoinDesk, Bitcoin price has reached new highs, trading just below $94,000, and leading the broader market with a 2% climb over the past 24 hours. The surge is largely attributed to the staggering first-day trading activity of options on BlackRock’s spot bitcoin ETF (IBIT), which has pushed the BTC price higher, analysts noted.
The introduction of options on other BTC ETFs in the coming days is expected to fuel more activity in the market. Meanwhile, trading volumes for popular altcoins dogecoin (DOGE) and XRP (XRP) have surpassed BTC’s on South Korean crypto exchanges Upbit and Bithumb.
MicroStrategy (MSTR) has broken into the top 100 U.S. publicly traded companies by market capitalization, with its share price closing at a record $430. The firm owns the largest corporate bitcoin treasury in the world and its shares have rallied 528% this year, outperforming bitcoin and chipmaker giant Nvidia (NVDA).
Robinhood (HOOD) is poised to benefit the most from crypto deregulation in the U.S. under President-elect Donald Trump, broker Bernstein said in a report. The trading app can drive higher revenues by listing new tokens and introducing new crypto product lines to target the wider opportunity.
Based on the current market trends and analysis, here are some predictions:
- Bitcoin price is expected to continue its upward trend, potentially breaking the $100,000 mark in the near future.
- The introduction of options on other BTC ETFs will fuel more activity in the market, leading to increased trading volumes and potentially higher prices.
- Altcoins such as dogecoin (DOGE) and XRP (XRP) may continue to see increased trading volumes and potentially higher prices, driven by their popularity in South Korea.
- MicroStrategy’s share price may continue to rally, driven by its large corporate bitcoin treasury and growing adoption of bitcoin as a store of value.
- Robinhood’s share price may also see an increase, driven by its potential to benefit from crypto deregulation in the U.S. and its plans to list new tokens and introduce new crypto product lines.
Overall, the cryptocurrency market is expected to continue its upward trend, driven by increased adoption, growing institutional investment, and favorable regulatory environments.
