Bitcoin has continued to break records this year, with traders now eyeing a six-figure price for the cryptocurrency. Analysis of the asset's derivatives market shows that it has not yet overheated. The price of Bitcoin surged above $97,000, surpassing its previous highs above $95,000 in less than an hour. The volatility of the cryptocurrency has led to $100 million worth of liquidations in the past 24 hours, with 80% of those resulting from short sellers. The return of volatility can be attributed to multiple spot exchange-traded fund listings in the U.S. and hopes for favorable industry regulation following the U.S. presidential election. Bitcoin is expected to exceed analyst expectations and reach a price above $100,000 in December. The funding rate for Bitcoin's perpetual contracts is currently at around 10%, indicating that the market is rational and not overheated.



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