CandleFocus Bitcoin (BTC) Approaches $98,000 as Altcoins Lag Behind
2024-11-21
Author: Content Editor
Bitcoin has hit a new record high of $97,836 and has seen a 6% increase in the past 24 hours, with its market cap approaching $2 trillion. This rally is attributed to significant inflows into Bitcoin ETF products, with BlackRock's IBIT receiving $626.5 million and Fidelity's FBTC receiving $134 million in fresh money. The likelihood of Bitcoin reaching $100,000 in November has surged to 81% on Polymarket. However, major altcoins, including Dogecoin, Cardano, Shiba Inu, and Ethereum, have not experienced the same bullish trend. Ethereum has only seen a 0.5% increase and the ETH/BTC pair has reached its lowest level since March 2021. Despite some concerns, analyst Chris Burniske sees the underperformance of altcoins as an opportunity for rotation in the market.
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